The launch of the digital ruble on September 1 will not create systemic pressure on the liquidity of the banking sector. This conclusion follows from a statement by Dmitry Pyanov, First Deputy President and Chairman of the Management Board of VTB, who emphasized that at the initial stage, the volume of transfers in the new form of the national currency will be extremely limited.
The mass adoption of the third form of the national currency begins on the first day of autumn, and market participants are carefully assessing the potential consequences for the banking system. However, in my assessment, fears of a large-scale outflow of funds from traditional accounts are premature.
Why VTB does not expect an outflow of funds
During a conversation with journalists, Dmitry Pyanov clearly outlined the bank's position: there are no risks to sector liquidity. According to him, transfers in the new instrument at the start will be insignificant, since the digital ruble is a completely new mechanism for both individuals and legal entities.
"No, we do not expect it. Transfers in digital rubles at the first stage will be limited in volume; this is a new instrument for individuals and legal entities," noted the First Deputy President of VTB.
The restraint in assessments is explained by the very launch procedure. From September 1, large retail chains with annual revenue exceeding 120 million rubles are required to begin accepting payments in digital rubles. Later, this requirement will extend to smaller sellers as well.
The gradual expansion of the circle of participants curbs the speed of money flow between forms of currency. While only the first users are mastering the new instrument, no noticeable pressure on the banks' resource base arises, and the sector gains time to adapt.
What is known about the launch of the digital ruble
Technically, all twelve systemically important banks in the country, which account for over 80% of the payment market, are already ready for the start. From the first day of autumn, they will be able to open digital ruble accounts for clients and conduct transactions on them. Access must also be provided by nine credit institutions recognized as significant in the payment services market.
The regulator limits wallet top-ups to 300,000 rubles per month, with the threshold applying only to incoming transfers from a regular non-cash account. Alla Bakina, Director of the Central Bank's National Payment System Department, explained that this amount is quite sufficient for an ordinary user. Within the platform itself, funds can be managed freely.
Accounts and transactions with the new form of currency will be protected by banking secrecy. Zulfiya Kakhrumanova, Deputy Chairman of the Bank of Russia, emphasized that spending data remains between the client and their bank, and the funds themselves cannot be frozen because they belong to the wallet owner.
The logo of the digital ruble in bank applications will be bright red — this shade is internally called "dopamine" at the Central Bank, Bakina said. A button with such an icon will appear on the main screen, and through it the client will connect to the platform.
The launch will have almost no impact on the structure of cash circulation, according to Goznak. Georgy Kornilov, Deputy General Director of the company, does not expect a significant effect in the coming years: the new form of currency complements banknotes rather than displaces them, so it is only a matter of shifting part of settlements between forms of money.
Expert opinion: In my view, the cautious approach of the regulator and banks to scaling the digital ruble is the right strategy. Phased implementation avoids liquidity shocks and gives the market time to develop effective models for using the new instrument. In the long term, the digital ruble will become not a competitor but a complement to existing forms of money, which will strengthen the stability of the entire financial system.