The state-controlled commercial bank Sberbank has expressed fears that the Russian Central Bank’s “digital ruble” plans will have a negative effect on liquidity in the nation.
The Central Bank has accelerated its plans to roll out a central bank digital currency (CBDC) with a pilot slated for next year – likely in a response to China’s progress with its digital yuan project and the European Union’s own digital euro efforts.
But per Kommersant, Sberbank appears to have been put off by the fact that the Central Bank apparently favors two CBDC models – both of which they feel would be disadvantageous to commercial banks and other financial sector entities.
The bank’s Deputy Chairman Anatoly Popov is quoted as stating that he estimates that in three years’ time some USD 28bn – USD 56bn worth of fiat could be converted to digital currency.
Read more: https://cryptonews.com/news/sberbank-urges-central-bank-to-reconsider-digital-ruble-issu-8635.htm