Peskov: digital ruble will help fight poverty

The digital ruble could appear in Russia within three to seven years, but Russia will not become the world leader on this issue, said Dmitry Peskov, the president’s special envoy for digital and technological development, in an interview with RIA Novosti.

In his view, to take the lead, “we should have started four years ago”.

But why? The financial risk is so large that, it seems to me, the ‘fast second’ strategy is far more effective than attempts to be first. Let’s see what the leader will encounter, and what barriers he will face, says Peskov.

Among the advantages of the digital ruble, the president’s special envoy named the possibility of increasing payment transparency. This could help combat poverty, he says.

“To see who really needs help, one must understand household transactions, otherwise we will end up with a household consuming 200 thousand rubles a month, yet still wanting to receive poverty subsidies. And for this, the digital ruble is needed,” explained Peskov.

Earlier, the Bank of Russia published a report on the possible issuance of a digital ruble in October.

It was later announced that, in the event of approval of the Bank of Russia’s project, an experiment in its use would be conducted with a limited group of users.

For more on how the regulator sees its own digital currency, read ForkLog’s exclusive.

Public availability and traceability: how the Bank of Russia sees the digital ruble

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