Central Bank may allow tokenizing rubles

The Central Bank is ready to discuss Sberbank’s initiative to convert non-cash rubles into digital tokens, RBC reports.

Mihail Voskresenskiy | RIAN
Mihail Voskresenskiy | RIAN

The country’s biggest lender earlier proposed doing this instead of introducing the digital ruble to ensure better control over operations.

However, the regulator has not abandoned the idea of ​​a digital ruble.

“From a purely IT point of view, this tokenization boils down to adding one more field to the database,” explains economist Sergei Khestanov, Associate Professor at RANEPA. “The process is quite inexpensive, given the cost of modern data storage systems, even with the long-term storage of each wallet history. At the same times, the prospects are mind-boggling — including automatic taxation, full control, and even targeting the yield curve of selected bonds”.

The main motive behind the idea is fiscal, the expert emphasized. But there can be many other applications for it as well.

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