At the end of 2021, the Bank of Russia held a working meeting with representatives of associations and market participants, the Central Bank told Izvestia. Its purpose was to confirm the feasibility of introducing proposals for cashless payments in a tokenized form for all market participants and the financial system as a whole. The discussion can be continued after a survey of market participants on this topic, the regulator said.
Such a survey is conducted by the Association of Banks of Russia, its vice-president Alexei Voylukov told Izvestia. He recalled that at the beginning of 2021, the ADB had already sent this concept to the Central Bank (its initiator within the association was Sberbank) as an alternative to the introduction of the digital ruble. However, at the time, the regulator was skeptical about this idea.
“If tokens are “attached” to current non-cash payments, then transactions will become nominal and personalized. To do this, you do not need to create a new architecture – it is enough to do additional tuning of existing systems. It is assumed that such an instrument will not be a counterbalance to the digital ruble – it will be another option, ”explained Alexey Voylukov.
According to him, with the help of tokenization of non-cash payments, it will be convenient to track how budget money was spent, including those allocated under targeted programs. For example, how are funds allocated for the restoration of territories after natural disasters, or money accrued as social benefits (for example, to large families or pensioners) spent?
Read in full in the exclusive Izvestia article:
Block — whose: Russia is discussing the tokenization of cashless payments
Source: IZ
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
