Chairman of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin believes that cryptocurrencies undermine the sovereignty of the Central Bank in issuing money.
Alexander Shokhin said that the digital ruble should be launched as soon as possible. He emphasized that “we must not fall behind countries that care about national sovereignty, such as China.” According to him, the government and the Central Bank should submit a report on the digital ruble to the president by December 19.
In addition, the chairman of the RSPP noted that the cryptocurrency challenges the centralization of the issue of fiat currencies:
“The issue of the national currency is a sign of the statehood and sovereignty of the state, therefore the Central Bank has a protective position along this line. And in principle, control is reduced, there is the possibility of withdrawing abroad, there is the possibility of money laundering, and so on. All these risks exist.
According to Shokhin, if the law on cryptocurrency mining had been adopted in a timely manner, then the economic pressure from Western countries would have been insignificant: “That is, we did not use what could be used in terms of technologies to counter sanctions through crypto.”
In September, Deputy Chairman of the Bank of Russia Alexei Zabotkin said that at the first stage of the integration of the digital ruble, only residents of the Russian Federation will be able to open electronic wallets.