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Bank of Russia sees potential of tokenization of money in accounts for making settlements

"The prospects of the development of tokenized cashless money are generally determined by the needs and business strategies of market participants," the regulator noted

MOSCOW, September 7. /TASS/. The technology of tokenization of money in bank accounts will open up additional opportunities for making settlements, Russia’s Central Bank said in a statement.

According to the regulator’s information and analytical report, this will depend "on the extent to which the payment system is developed in a particular country, the plans for introducing a central bank digital currency there, and the functional effectiveness of the proposed solutions."

"Despite the fact that tokenized cashless money is usually referred to as cashless money in international practice, its accounting and circulation call for the use of new technologies. Banks can record money in the form of a standard entry in the customer account or in the form of an entry using tokenization technology," the Bank of Russia said.

"The prospects of the development of tokenized cashless money are generally determined by the needs and business strategies of market participants. In doing so, regulators can create additional conditions by fine-tuning regulation and limiting possible risks. There is currently an ongoing active worldwide discussion of optimal regulatory approaches and scenarios ensuring that the advantages of digital payment development are implemented and risks are duly controlled," the Central Bank noted.

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Central Bank of Russia

Ukraine spends over $150 billion on military needs, but it's not enough — Defense Ministry

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