The digital rouble and its implications for business

On 1 April, a meeting of the RSPP Commission on Banks and Banking was held via videoconference. Commission Chairman and RSPP vice president A.V. Murychev acted as moderator.

During the meeting there was a review of a business community survey conducted by the RSPP regarding the future of digital currencies in Russia, the features of the digital rouble that are relevant to business, and the risks of introducing the digital rouble and measures to protect users.

Priority areas for the use of digital currencies were also discussed within the framework of the law on digital financial assets that came into effect on 1 January 2021.

RSPP President A.N. Shokhin noted that companies have no objection to the digital rouble, but still do not fully understand how it would function.  This is why business needs to be involved in the introduction of the digital rouble in Russia.

The Bank of Russia is leaning towards a two-tier system for a digital rouble, with banks opening digital wallets with the regulator and serving as intermediaries for customers and companies.

The Ministry of Finance of Russia stated that it was important to draw a distinction between "cryptocurrency" and a "digital rouble", since there is a significant difference between these two concepts.