Most Russian banks are aiming to implement the tokenization process of non-cash rubles. This technology involves assigning a unique code to each ruble, enabling the automation of various financial operations and ensuring greater transparency in monetary transactions.
According to a statement from the Association of Russian Banks (ARB), this tokenization can be implemented using smart contracts. For example, in real estate transactions, the seller will receive payment only after the buyer registers ownership rights to the property.
This proposal by ARB was in response to the latest report from the Central Bank of Russia (CBR) on this subject. The Bank of Russia conducted an analysis of the advantages and risks of tokenization and drew conclusions about the potential risks of this technology. According to CBR, the development of tokenization will reduce dependence on traditional payment systems and enhance the competitiveness of the country's financial system. However, the implementation of this project requires significant investment and labor resources. Additionally, the central bank believes it could have a negative impact on financial markets as a whole.
The Association of Russian Banks acknowledges the risk of monopolization but advocates for a gradual popularization of this tool.
The process of tokenizing the ruble involves creating a unique token that can be used for exchange and point tracking. A conversion section can be established for controlling and exchanging tokens. These tokens can be utilized as rewards for views, reviews, purchases, and as cashback in various financial transactions.