The Association of Russian Banks (ARB) has reached out to the Central Bank of Russia with a request for clarification on certain matters related to the digital ruble.
In a letter addressed to the regulator, the bankers posed the following questions: whether the digital ruble constitutes a third form of money or non-cash currency, whether banks will be required to become participants in the platform, and whether credit institutions will be compensated for expenses related to providing customers access to the platform.
The letter also notes that both citizens and consumers of financial services are extremely cautious about the introduction of the digital ruble. The ARB also asks the Central Bank of Russia to clarify whether banks will be obligated to become participants in the digital ruble platform.
The Association believes that the existing documents do not provide a clear procedure for entering into an account agreement for the digital ruble, nor do they define its legal nature. The letter also raises questions about the procedure for debiting digital rubles from an account and other aspects that could lead to ambiguous interpretations.
