TOKENIZED NON-CASH MONEY IN BANKS
At the end of 2021, the Bank of Russia held a working meeting with representatives of associations and market participants in the Central Bank. The purpose of this meeting was to confirm the feasibility of using a tokenized form of non-cash payments for all market participants and the financial system as a whole. This concept was proposed by the Association of Russian Banks in early 2022 as an alternative to the digital ruble, but the regulator was initially skeptical about this idea.
For quite a long time, there has been discussion around the world about the application of the method of the latest digital technologies (including tokenization) to non-cash funds in commercial bank accounts. This issue deserves special attention, because non-cash funds make up the bulk of the money supply in the country's economy and serve a huge share of payments, so it is important to maintain a balance of benefits, various costs and also risks for financial organizations and their consumers.
Alexey Voilukov, Vice President of the Association of Banks of Russia (ADB), explained that if tokens are added to current non-cash payments, then transactions will become personalized and personalized. To do this, you do not need to create a new architecture, it is enough to configure existing systems. Tokenization of non-cash payments will allow you to track how budget funds were used, including funds allocated for targeted programs. For example, it will be possible to see how funds aimed at restoring territories after natural disasters are used, or money paid to large families or pensioners as social benefits.
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Sorokin I.I., Kononykhin D.I. 2021. Digital ruble: prospects of implementation and ways of integration into the financial system of Russia. Economics. Information technologies, 48 (3): 507–513 (in Russian). DOI 10.52575/2687-0932-2021-48-3-507-513.