Russian Ministry of Finance thinks the digital ruble can reduce the economy’s dependence on the U.S. dollar

Russian Ministry of Finance thinks the digital ruble can reduce the economy’s dependence on the U.S. dollar

Digital Ruble is currently a hot topic in Russia and it seems that the central bank, together with the Ministry of Finance, is in favor of it.


19 Oct 2020 , 19:49 @ Katie Müller

Russian Ministry of Finance thinks the digital ruble can reduce the economy’s dependence on the U.S. dollar

Digital Ruble is currently a hot topic in Russia and it seems that the central bank, together with the Ministry of Finance, is in favor of it.

In today’s interview for the Russian newspaper Izvestia, the press service of the Ministry of Finance informed that the central bank, together with the Ministry of Finance, is currently studying international experience with the issuance and regulation of digital currency.

According to the finance department, the possible benefits of using the digital ruble are as follows:

  • reducing transaction costs as well as the burden on banks and payment systems;
  • expanding opportunities for cross-border payments;
  • reduced dependence on the dollar and, as a result, reduced exposure to sanctions from the third countries.

The Ministry sees the risks and disadvantages in particular:

  • lack of security;
  • high volatility;
  • use for illegal purposes.

In this context, it is necessary to secure the digital ruble and control its transactions in order to avoid possible destabilization of the economy and the growth of social tensions,

the ministry’s press service

The press service also added that a final decision on the issue of the digital ruble had not been taken yet.

Probably the biggest step by the central bank so far was when it issued a report on a public consultation on 13 October, which indicated that the regulator was already considering the possibility of creating and issuing a digital Ruble.

Read also: Russia will allow non-qualified investors to purchase digital assets with a maximum value of RUB 600,000 (~ $ 7,700)

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