Banks in Russia to Lose $700 Million a Year Due to Digital Ruble, Experts Say
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Russian banks may be the main losers from the introduction of a digital ruble while retailers will save on acquiring fees, analysts have predicted. The benefits for consumers using the new digital currency are not that obvious as they may not be paid any interest or cashback. Launch of Russia’s Digital Ruble Said to Result in Losses for Banking Institutions Commercial banks may lose up to 50 billion rubles annually (almost $715 million) when a digital version of the ruble is introduced, according to a forecast produced by financial experts at Yakov and Partners, the former Russian division of management
Banks in Russia are preparing to dive into the pilot phase of the digital ruble project and some are already testing transactions with the currency. Trials have started with customer-to-customer... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Go to…
A call to make the digital ruble a reserve currency has been issued in the State Duma, the lower house of Russia’s parliament. Meanwhile, concerns have been raised in the West that the new... [[ This is a content summary only. Visit my website for full links, other content, and…
A name to make the digital ruble a reserve foreign money has been issued in the State Duma, the decrease home of Russia’s parliament. Meanwhile, issues have been raised in the West that the brand new... [[ This is a content summary only. Visit my website for full links, other…