12:09 - 25.11.2024

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 November 25, Fineko/abc.az. The Bank of Russia expressed its readiness to discuss the creation of a single mobile application for transactions with the digital ruble, as a response to the proposal of the Association of Banks of Russia.

ABC.AZ informs that this step is aimed at reducing the costs of banks for introduction of a new form of national currency. A representative of the Bank of Russia said that the regulator is open to considering proposals and initiatives from market participants.

In October, the ABR sent a letter to the regulator with concerns of medium and small banks about the high costs of infrastructure improvements to use the digital ruble. According to Association’s estimates, the cost of the project may amount to 85-150 million rubles for each bank. Since the digital ruble should become mandatory for all banks, medium and small financial institutions will face costs that are disproportionate to their business volumes. The introduction of the digital ruble will begin on July 1, 2026 for banks with a universal license and from July 1, 2027 for banks with a basic license.