RAKIB: A digital container for digital ruble

At the beginning of November, 2020 the Russian Association of Cryptocurrencies and Blockchain (RACB) announced creation of a digital container for transactions with digital ruble. It is said in the letter which the president of RAKIB Yury Pripachkin sent the head of the Central Bank of the Russian Federation Elvira Nabiullina.

It is noted that the digital container has properties of means of payment and allows to store and move safely information written in it in different vehicles (payment systems, applications). The solution maintains anonymity and receivers of payments in the conditions of sanctions and accountability of transactions to regulatory authority.

The product developed in RAKIB, on assurance of Association, uses domestic algorithms and also is independent of sanctions and SWIFT certification centers.

Now the danger of disconnection of commercial banks of the Russian Federation from the system of the international financial payments of SWIFT became very relevant. RAKIB suggests to use in interbank payments at payments with "digital ruble" of special development, the created RAKIB, specialists of RAS and a number of technology partners, says association made at the beginning of November, 2020.

RAKIB noted that the transmission system of financial messages (TSFM) will not be able to correspond to plans for digitalization of domestic economy. The SPFS system does not solve fully this problem as it is intended only for carrying out calculations in the territory of the Russian Federation. The major task is ensuring communication with friendly foreign banks and roszagranbanka and to organizations, said in the letter to the regulator.

Professor of New Economic School Konstantin Egorov believes that if the digital domestic currency is rather attractive, foreign partners with representatives of business also can switch to it.^[1]

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