Digital ruble can become profitable: the central bank is thinking about interest.
The Bank of Russia is exploring the possibility of charging interest on digital ruble balances. Such a mechanism could make a new form of national currency more attractive to citizens, but for now it is only a matter of discussion.
Deputy Chairman of the Bank of Russia Zolfia Kakhromnova reported that the regulator is looking into the possibility of charging interest on the digital ruble.
"We are watching global trends and only recently we thought that it might make sense to think about charging interest on accounts, because China is already moving in that direction," Kakhromnova said (quoted by Interfax).
How the digital ruble is developing.
According to the central bank, 38 banks have connected to the digital ruble platform. Since the mass implementation, citizens and businesses have opened 310 thousand digital wallets and made about 250 thousand transactions.
What can it change?
Currently, the digital ruble does not accrue interest on the balance of funds. The possible change will bring it closer in certain characteristics to bank accounts and savings products.
However, for the time being the central bank is only considering this option. The regulator did not announce either the decision to introduce interest or specific parameters for their calculation.
This is a potentially important issue for banks: if digital rubles start generating revenue, the competition for customers' money will change. In addition, the conditions for calculating the interest rate may affect the choice of citizens between digital rubles, regular bank accounts and deposits.