This is a very acute topic for businesses, and we have already discussed it many times. The second issue is how the Faster Payments System evolves and what benefits it can provide to SMEs. The third topic I may not ignore and which is currently widely discussed is a digital ruble and what it can give to businesses. As regards AML/CTF problems, we hold, and I hope that you also comprehend it, that these antimoney laundering procedures are absolutely crucial since they protect the banking system and the economy in general against ‘dirty’ business and crime. However, these procedures have their drawbacks. Banks may behave suspiciously even towards lawful companies, and we have observed this. Banks are not ready to investigate the situation when these are small clients that do not bring high profits, such as small and medium-sized enterprises. It is easier for banks just to block transactions than to consider them carefully. As a result, this affects bona fide businesses. We have been employing the mechanism for rehabilitating such affected companies for a while already, but we are aware that the entire system requires redesigning and costs need to be lower. Of course, it is now possible for a firm to be rehabilitated, but it would be better to avoid such a situation where companies have to undergo all these procedures, including an examination by the commission, since this is stressful for any market participants.
A number of banks, for instance in China, have already started testing digital currencies. We may talk of a global technological revolution in central banks which will create a new form of money. What are the differences between a digital ruble and the currently existing cash and non-cash money forms? Firstly, a digital ruble is an obligation of the Central Bank, and not of commercial banks, which makes it similar to cash rubles. For those holding digital rubles, this implies that they will preserve this money, whatever happens to their banks. Secondly, a digital ruble enables faster and more reliable payments and settlements. We are currently exploring several models to design a digital ruble which organise the interaction between customers, the Central Bank and commercial banks differently, but all the models have these advantages. These are faster, reliable and secure payments. To a certain extent, a digital ruble also blurs the distinction between cash and non-cash payments. We are studying the option of launching offline payments with digital rubles via special-purpose wallets, but this is a challenging issue. This will enable people to pay with digital rubles even where there is no internet connection and they do not have cash. For companies operating in such localities, in remote areas, this option will reduce cash turnover costs. Of course, a digital ruble may also create new risks, and we are closely exploring them.