In Russia, officials discuss potential restrictions on the digital ruble

In the late stages of testing, the Bank of Russia will consider the possibility of ‘coloring’ the digital rubles to track transactions. This was stated by deputy chairman of the regulator Alexei Zabotkin, according to ТАСС.

According to the official, any discussion of possible restrictions for the new asset should be approached with caution.

“Limiting what you can spend a specific unit of money on makes these funds less valuable than the money you can spend on anything,” he explained.

Mr. Zabotkin suggested that the digital national currency could have a positive effect on shifts in bank rates and the adjustment of acquiring commissions.

“Banks, to stimulate and maintain current liquidity within the banking system on their accounts in the form of non-cash rubles, will be obliged to offer clients more attractive terms for holding these funds,” added the deputy chairman of the Bank of Russia.

In turn, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, заявил that international settlements with the digital ruble could begin as early as 2025. However, this functionality will require a solution to a large number of issues, including those related to currency risk in conversion.

Aksakov also не исключил the appearance of deposits and even loans in the new asset, although the enacted profile law does not provide the possibility of such a loan.

Earlier, the law on Russia’s CBDC took effect 1 August.

Citizens of the Russian Federation will have the opportunity to use it en masse in 2025–2027.

Earlier banks began testing the asset.