– The Russian government plans to fast-track the launch of the digital ruble
– All citizens will be able to use the CBDC in 2024
– Finance Minister Anton Siluanov stated that in 2024, all Russians will be able to use digital ruble wallets for payments
– The digital ruble may be used for welfare payments and government subsidies
– The Central Bank has seen a drop in the number of citizens trading BTC and Bitcoin
– The Central Bank has been guarded about putting a timeframe on the CBDC rollout
– The bank is starting to show signs that it believes the digital ruble could be used outside the country
– Governor Elvira Nabiullina stated that digital finance tools, possibly including the CBDC, have great prospects in international payments
– Overseas traders and nations who want to trade with Russians in BTC are welcome to do so if it is more convenient for them.
Section 1: Digital Ruble Fast-Track Launch
The Russian government plans to fast-track the launch of the digital ruble, with a claim that all citizens will be able to use the Central Bank Digital Currency (CBDC) in 2024. This is a much quicker timeline than previously anticipated, as the Central Bank had initially suggested a full nationwide rollout by 2027. Senior government officials have expressed support for expediting the launch of the CBDC, with Finance Minister Anton Siluanov stating that in 2024, all Russians will be able to use digital ruble wallets for payments. Siluanov also mentioned plans for the government to pilot Treasury payments using the digital ruble, and potentially use it for welfare payments and issuing government subsidies.
Section 2: Drop in Crypto Trading
According to the Central Bank, there has been a decrease in the number of Russians trading crypto, with citizens avoiding major overseas trading platforms.
Section 3: Experimenting with Digital Ruble-Powered Benefits
The Ministry of Finance hinted at experimenting with marked digital ruble-powered child benefits and pensions in 2024, with Siluanov emphasizing how the digital ruble can track how money is used and prevent fraud and misuse.
Section 4: Central Bank’s Perspective on CBDC Rollout
The Central Bank has been more cautious about putting a timeframe on the CBDC rollout and had previously avoided claims about using the digital ruble for cross-border payments. However, Governor Elvira Nabiullina recently mentioned that digital finance tools, possibly including the CBDC, have great prospects in international payments. Additionally, Siluanov indicated that overseas traders and nations interested in trading with Russians in crypto would be welcome to do so if it is more convenient for them.
In summary, the Russian government is pushing for the fast-track launch of the digital ruble, with plans for all citizens to use the CBDC by 2024. The Ministry of Finance is considering piloting various payments using the digital ruble, while the Central Bank is showing signs of potential international use for the CBDC. The government is also exploring ways to prevent fraud and misuse of the digital ruble through targeted benefit payments. Meanwhile, there has been a decrease in the number of Russians trading crypto.
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