On the part of Russian mobile operators, an initiative was received to integrate wallets for the digital ruble into smartphones in a case that the Central Bank of Russia plans to test in 2021.
This was reported by Izvestia, citing representatives of Beeline and Megafon.
The banks admitted that linking digital currency to a smartphone would be more convenient for the user, but the key risks with identification will remain in place.
The representative of “Beeline” stressed that the operator is interested not only in storing digital currency on smartphones, but also in carrying out payment transactions.
Nuances of digital currency
Megafon representatives believe that linking a digital wallet to a subscriber’s number would simplify the management of digital currency.
“… with the help of a smartphone, it will be possible to store funds, transfer and pay with them, ” – noted in “Megafon”.
When asked about the identification of the owner, the representatives of the mobile operator referred to the binding of crypto keys to the SIM card . However, ease of access does not solve other problems of the digital ruble.
As explained earlier by Vladislav Martynov, a member of the supervisory board of RACIB, the digital currency models considered by the Central Bank of the Russian Federation will return the Russian economy to the state of the Soviet era. He believes that the centralization of digital currency in the Central Bank will lead to “a serious outflow of liquidity from banks.”
The financial market is still skeptical about the digital ruble. Despite the agreement on the need for such a currency, the financial market participants do not see the specifics in the proposals of the Central Bank of the Russian Federation.
However, banks are already seeing potential problems with virtual currency. The digital ruble, according to Sberbank, may lead to a decrease in liquidity and an increase in loan rates. At the same time, within three years after the launch of the digital ruble, banks may miss from ₽2 to ₽4 trillion, notes Sberbank.