Russian lawmaker Anatoly Aksakov believes that the development of blockchain technology will eventually lead to the displacement of banks. “As for the role of banks, I think that their role will fade in the future with the development of blockchain,” Aksakov, the head of the State Duma Banking Committee, said during a meeting at the AiF.Media club.
Blockchain technology has become more widely accepted by institutions due to the increasing mainstream acceptance of cryptocurrency. Several countries, including Russia, have begun exploring central bank digital currencies (CBDC) as an alternative to digital assets. Russia is currently conducting a pilot for its digital ruble with banks.
Central banks, however, are concerned that a CBDC could cause problems for the banking world. The European Money and Finance Forum has suggested that a one tier CBDC system that goes directly to depositors with no limits could result in “large transfers from commercial banks,” increasing financial stability risks.
Currently, the central bank of Russia has not made it possible to get a loan in digital rubles, but Aksakov believes this will change in the future. “Decisions will be made by a robot – a person is not needed there. Perhaps a bank is not needed as an institution since the digital ruble will be very much technologized,” Aksakov concluded.