“Literally last week, on Friday, we met with Elvira Sakhipzadovna [Набиуллиной] on the issue of using the digital ruble in the budget process. And we agreed that starting next year we will conduct a pilot on individual expenses, where we will use the digital ruble,” the official explained.
According to the minister, the digital ruble can be used for social payments and certain subsidies that are allocated for purchases or the provision of certain services.
“We agreed that we will identify several types of expenses for which we will launch a pilot next year. The Treasury has received corresponding instructions. The Central Bank is working on this task together with the Treasury,” added Siluanov.
The second largest state bank, VTB, said it has developed technology for cashing out the digital ruble at 14,000 ATMs of its own network.
Recently, the head of the Russian State Duma Committee on Energy, Pavel Zavalny, said that cryptocurrency mining can be an effective way to utilize associated petroleum gas.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
