Professor at the Russian School of Economics: the digital ruble will be a safer form of money than fiat

The security of the digital ruble will be guaranteed by obligations from the Bank of Russia. This was stated by Oleg Shibanov, professor at the Russian School of Economics, в подкасте VTimes.

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By combining the convenience of electronic payments and cash, the digital ruble will stand out favourably from them.

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“The digital ruble is a requirement of individuals or legal entities to the Bank of Russia, and in this sense it is a safer form of money,” said Shibanov.

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He suggested that the central bank’s digital currency would be tied to a specific user, making it harder to steal or misuse by a malicious actor. The safety of funds will be guaranteed by the security of the Bank of Russia itself.

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“With the implementation promised by the Bank of Russia, this will indeed be a safer form of money than cash and electronic money,” said a professor of the Russian School of Economics.

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The digital ruble could potentially simplify settlements between business and citizens, affect cross-border payments and the country’s monetary policy. At the same time, the introduction of the new asset effectively means greater state control.

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“Despite the protections of these payments, they will not be anonymous. Information about who sent the digital ruble to whom and whether taxes were paid on that amount will be visible to the Bank of Russia, and thus to the tax authority,” concluded Oleg Shibanov.

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Earlier, First Deputy Chairman of the Bank of Russia Olga Skorobogatova stated that the digital ruble will help bank clients escape from ‘payment slavery’ and address the problem of restrictive limits in the Faster Payments System.

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