Russia urges return to wholesale digital ruble model, more inside
Russian lawmakers push the Central Bank to reconsider a wholesale digital ruble model, emphasizing the need for interbank settlements....
- Deputies in Russia are urging the Central Bank to reconsider the introduction of a wholesale digital ruble model for interbank payments.
- The proposal for a wholesale model was initially considered in October 2020 but abandoned in favor of a retail model in April 2021.
- The deputies argue that a wholesale digital ruble experiment is crucial and that Russia should not miss out on the advantages offered by experimental wholesale digital money projects worldwide.
- They believe that a timely turn to a wholesale digital currency model would position Russia favorably, especially considering the country's need to reduce dependence on Western payment infrastructure due to sanctions restrictions.
- The call for revisiting the wholesale model aligns with global developments, as several central banks are working on both retail and wholesale models for Central Bank Digital Currencies (CBDCs).
The sentiment of the article is generally positive, as it highlights the potential benefits and advantages of implementing a wholesale digital ruble model for interbank settlements in Russia.