Gazprombank Advises Careful Rollout of Russian CBDC to Minimize Losses
Gazprombank has advised the Russian central bank to launch its digital currency, the digital ruble, in a gradual manner in order to minimize the losses that banks may experience, according to a report by RBC.
The bank believes that the digital ruble will decrease banks’ income due to the reduction in commissions as retailers will no longer be as dependent on banking services, according to Russian news outlet RBC.
Instead, the lender thinks this will result in higher profits for retailers and not lower consumer prices. Analysts estimate that banks may face around 50 billion rubles in yearly losses once the digital currency is launched, while retailers are projected to save 80 billion rubles yearly.
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Russia has been exploring the possibility of a central bank digital currency for some time and is currently undergoing a trial run with 15 banks, including Gazprombank.
The bank also stated that introducing a digital currency would increase the transparency of financial transactions, which it views as a positive development for the economy and the banking system.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
