Russia will launch a pilot phase of using the digital ruble earlier than originally expected, he said Reuters. He refers to Russia’s central bank, which on Wednesday confirmed plans to introduce a digital ruble ahead of schedule.
Europe is afraid of its success
The digital ruble awaits a pilot test phase among real customers for real financial transactions as early as April next year. Until then, the country’s digital currency will be tested by selected financial institutions.
So far, at least 12 Russian banks have joined the project, including state-sponsored giants such as Sberbank and VTB, as well as large private and commercial banks Tinkoff Bank, Alfa Bank, Gazprombank, Promsvyazbank, Rosbank and TKB.
The aim of the introduction of the digital ruble is to increase the availability of electronic payments and at the same time effectively reduce their cost. However, the digital ruble will also allow Russia to restore its international payment system, an area that has been severely crippled by the country’s exclusion from the SWIFT interbank payment system due to extensive economic sanctions.
Euronews While noting that the use of the digital ruble for international payments will depend on countries’ willingness to accept the currency without converting to the dollar, it points out that if the digital cryptocurrency is successfully introduced, Russia can gain a powerful tool to at least partially circumvent sanctions. On the contrary, in the case of a functioning system, the possibilities for the West to put effective pressure on the Kremlin will be significantly complicated.
There is also a complete legalization of cryptocurrencies in the game
Russia’s ambitions to break free from sanctions do not go beyond the digital ruble. Kremlin by Reuters is also considering legalizing cryptocurrencies, as confirmed last week by the Russian Federation’s Minister of Industry and Trade, Denis Manturov.
According to Mantur, the topic of legalizing cryptocurrencies is carefully examined by the central bank and the government. He added that cryptomens in the country “they will sooner or later be implemented in some form with certainty„.
This is a major turnaround in rhetoric, as the country has not allowed the legalization of cryptocurrencies in the recent past. At the time, she justified her refusal with fears of money laundering or terrorist financing.
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By legalizing cryptocurrencies, Russia would also gain a tool to circumvent restrictions on domestic and international payments. Russians’ cryptocurrency assets are estimated to exceed $ 20 billion.
Russia is far from being the first country to launch its own digital currency. In the trial phase at present finds the digital euroSwedes, who are already actively testing the pilot project, also have plans for their own cryptocurrency in the form of an e-crown.