Digital ruble mentioned in documentary on Russia’s financial history

The head of Russia’s Ministry of Finance, Anton Siluanov, called the central bank digital currency (CBDC) interesting with regard to its use for government spending. He expressed this in the documentary \”History of Russia’s Finance,\” reports TASS.

According to the official, digital currencies are the future of the financial system.

\”Alongside ordinary monetary circulation, digital currencies offer a whole range of advantages. This instrument is under the control of the central bank, it is traceable. And it is extremely difficult to commit various unlawful actions with a digital currency,\” said Siluanov.

The finance minister noted that the regulatory framework around CBDC is only just beginning to take shape. However, the advantages of its use for government needs are already evident, including transparency and reliability in savings.

\”This will be especially interesting for government spending because they require verification of a targeted character. The digital currency for this purpose is, like no other, better suited,\” the minister added.

Speaking about the drawbacks of the digital ruble, Siluanov mentioned the impossibility of earning from the asset due to its non-speculative nature.

As noted, the prototype launch of the digital ruble platform took place in January 2022 with the participation of five banks. Together with the regulator they tested the asset issuance, opening of digital wallets, as well as transfers between citizens.

Overall, 12 banks joined the pilot group.

Testing the instrument on real transactions and clients began in April 2023. The Bank of Russia accelerated the pilot in response to sanctions against the Russian banking system.

The full-scale launch of the digital ruble as a third form of money is expected by 2030.

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, rates and analytics.