“The technology of the digital ruble is developing and will continue to develop. Next year, I’m sure we can all try to open a digital wallet and be able to pay in a new currency. This is the same ruble, it can also be exchanged for regular “cash” and non-cash rubles… This is another essence of our strong Russian ruble,” said a high-ranking official.
The Ministry of Finance and the Central Bank of the Russian Federation intend to first test the use of the digital ruble for budget expenditures.
“We, public sector employees, find it very interesting. Because you can’t steal a digital ruble, it has a clear goal setting and we know that if the ruble is aimed, relatively speaking, at paying out maternity capital, then it will be spent on maternity capital, and for no other purposes. There are no frauds and tricks here, which sometimes happen,” the minister explained.
Recently, the State Duma of the Russian Federation in its final reading adopted amendments to the Tax Code, which will allow the integration of the digital ruble into the tax system. The document introduces the concept of a “digital ruble account,” which will be a separate type of bank account.
Authorities said that since the start of testing the digital ruble pilot project in August, the Bank of Russia has already carried out almost 14,000 transactions in 11 Russian cities.
Source: Bits
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