The launch of the Terra project in Russia could affect the regulation of the digital money market in the country
The Terra Alliance, which consists of 17 e-commerce players from South Korea, Japan, Singapore, Vietnam and Thailand, is preparing to submit an application to enter the regulatory area of the Bank of Russia, a source that is close to the situation. The information was confirmed by the Russian Association of Crypto Industry and Blockchain (RACIB), organizations work together to reduce dependence on companies of international payment systems such as Visa, MasterCard, PayPal and others, and offer an alternative that the presence of Russian e -commerce companies on the world markets will increase. .
The association, whose total annual turnover exceeds $ 25 billion, works partly via an electronic money system, the price of which is linked to the SDR basket, which includes five fiat currencies: dollar, euro, Chinese yuan, Japanese yen and pound sterling and Terra cryptocurrency. The token speed is based on demand on the market, sales start at the largest stock exchanges Binance, OKEx and Huobi is planned for the end of February. It is also based on electronic commissions (0.5%) for purchases from Alliance stores. Initially the share of cryptocurrency in the provision of electronic money will be minimal, but gradually it will increase and rise to 50%. To this end, Terra's founders have kept 20% of all emissions, they will be used to cover the costs.
"E-commerce is a high-tech industry, of course, new payment methods allow us to develop this market, card payment methods are a thing of the past, they are being replaced by new generation systems, and I'm sure if the new technology will enable companies to To help maintain non-cash payments, this will be unequivocally supported by market participants, "said Artem Sokolov, chairman of the Association of Internet Trading Companies (ACIT).
This allows online stores to conduct their monetary policy, each customer receives a discount or cashback of up to 10%, resulting in the replacement of global payment platforms, and the commission for each store using this system is 0.5%, although usually the average this figure varies from 1% to 5-7%. By 2020, Internet companies with a turnover of more than $ 60 billion and 100 million customers will switch to Terra technology.
"The Terra project provides for the use of cryptocurrency as a guarantee of obligations, thus ensuring the coverage of domestic e-currencies, which is why the project requires a resolution from the Central Bank.The Russian turnover of today's online trade is about $ 14.9 billion According to RACIB's evaluation, together with Terra, the reduction of commissions paid by online stores to payment intermediaries, up to 0.5% per transaction, will enable Russian e-commerce companies to pay up to 22 billion rubles per year, "said Rakib head Yuri Pripachkin.
If the project successfully passes the Bank of Russia regulatory platform and starts to work legally in a country, the government can change its approach to regulation of the digital money market. Thereafter, Terra Alliance companies will open their stores in Russia and import goods at lower prices from South Korea.
"Innovative products have to go through the sandbox and it's our job to create a customizable zone for them," the acting president emphasized. Director of the financial technology department of the Bank of Russia Ivan Zimin.
Now the Russian government is considering the option to create special zones in which digital money is more loyal regulated. The creation of such "cryptodoline" can bring the state to 70 billion rubles per year, only at the expense of the VAT for the electricity consumed by the miners.
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