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Visa, Mastercard and Bank of Russia discussed prospects for digital currencies development
Representatives of global financial structures and regulators discussed risks arising from the increased popularity of digital currencies and cryptocurrencies and their probable impact on the financial institutions resilience. The discussion “New world — new currency. How to keep the financial system resilient as digital currencies proliferate?” took place during Cyber Polygon 2021, an online training session.
According Matthew Dill, Senior Vice President and Global Head of Strategic Partnerships and Ventures at Visa, the pandemic has accelerated migration to digital currencies, since humans themselves have become a digital entity as a result of digital services and mobile applications. For example, Visa's digital transactions and e-commerce volumes jumped to the levels expected in 2023.
Mastercard Europe President Mark Barnett also highlighted the explosive growth in digital payments. In Europe, contactless payments have reached 80% of the total number of non-cash transactions, while Russia is No1 in mobile phone payments.
Alexey Zabotkin, Deputy Governor of the Bank of Russia, spoke about the ongoing changes in the landscape of digital payments in Russia. The faster payment system, which allows payments to be made smoothly and quickly, is at the forefront of these changes, he said. The Bank of Russia is widely discussing digital currencies.
Alexey Zabotkin shared his plans as regards adoption of the digital ruble, which is expected to be more convenient than cash, allowing consumers and businesses to make payments and transfers remotely 24/7. The speaker pointed out at the similarity between the digital ruble and electronic payment systems, but the digital ruble will be tokenized and “separated” from the regular ruble. It will provide unique tools, making it possible to configure the parameters for the use of money.
Set to become a more efficient money handling technology, the digital ruble will allow both legal entities and individuals to receive an alternative to physical money, concluded A. Zabotkin.