Most banks (73%) are interested in promoting tokenized non-cash money. These results of a survey of 18 large credit institutions are presented in a letter from the Association of Banks of Russia (ADB) to the Deputy Chairman of the Central Bank, Vladimir Chistyukhin. The opinions of market participants were collected in connection with the publication of a report by the Central Bank on this topic in September.
The technology allows you to assign an individual code (token) to each ruble – this makes it possible to further automate and simplify the circulation of money, sell complex financial products, and also increase the transparency of the movement of funds.
“A simple and clear example: a company pays for the delivery of goods after confirming the fact of shipment. Or payment is received by the seller of the apartment only after registration of ownership of it with the buyer. You can program other conditions: for example, directions for spending funds. This may be relevant for state support funds, for example maternity capital,” Gleb Zhizhanov, deputy head of the ADB’s information and analytical department, gave examples.
More than half of banks (56%) believe that to promote the instrument, they need to adhere to the concept of a “wholesale digital money model.” This means that rubles issued by the Central Bank in non-cash form circulate between financial organizations, explained Gleb Zhizhanov.
This concept is proposed in contrast to the “retail model”, which is now used when piloting the digital ruble – when money is stored in wallets at the Central Bank.
Read more in the exclusive material from Izvestia:
System blockchain: banks are interested in tokenization of non-cash rubles
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