12:29, 18 February 2021 Page views 558 views

Russia’s Finance Ministry believes digital ruble can make Russian currency more competitive

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This is the opinion of Ivan Chebeskov, the head of the financial policy department of the Ministry

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“If we make the digital ruble more attractive as compared to other digital currencies, and facilitate the access to digital rubles for non-residents, for example, our EAEU and other partners, then perhaps we would intensify the competitiveness of the ruble in international settlements in general,” Chebeskov was quoted by TASS agency as saying.

He has noted that China intends to use the digital yuan to strengthen its national currency globally. Chebeskov warned that the emergence of digital currency poses risks for banks, as they may lose part of the transactional liabilities of individuals, which will lead to a higher cost of liabilities. Financial institutions may also lose part of their acquiring income.

Source: TASS