The Central Bank of Russia has published a report describing the benefits of tokenizing electronic money in other words. They claim that this will reduce expenses for financial operations and provide new opportunities for international payments.
Representatives of the Central Bank explained that reducing transfer fees will be possible through automation and the ability to make consecutive transactions without interruptions. Additionally, this new technology will, in the future, help avoid dependency on traditional currencies and financial institutions for international payments.
However, it should be noted that technical failures in the case of tokenization of electronic money may have more serious consequences than in the traditional banking system. Also, unauthorized interference with the blockchain can lead to unauthorized issuance, destruction, or compromise of tokens.
To understand the benefits and risks associated with the tokenization process, as well as the prospects for implementing this new technology in the financial sector, "Moskovskaya Gazeta" held discussions with economists.
Economist Alexander Naduvaev explained that tokens are digital equivalents of real money and confidential information used in financial transactions. They function as replacements for these real assets and data.
He also noted that in the future, the whole world could shift from traditional bank cards to tokenized assets due to improved security. However, such a transition would require both technical and legislative changes.
Economist and financial analyst Anna Krasnopol'skaya shared the opinion that tokenization can affect not only the banking sector but also protect users' accounts in social networks and government services. This technology can transform personal data, such as phone numbers or bank cards, into secure digital tokens.
She also emphasized that while the digital ruble represents an alternative to cash and non-cash money, tokenization could potentially impact the entire non-cash transactions sphere in the future. However, she noted that this process is complex and requires refinement, so only limited test transfers can be expected in the next 3-5 years. Further development will depend on technical and legal aspects.
Earlier, Sberbank also expressed interest in developing and piloting a national tokenization standard. Experts highlight the benefits for bank customers but also caution against the risks of implementing this new technology, including potential intrusion into citizens' privacy and changes in fund storage conditions.