Russian Finance Minister Reinforces Potential of Digital Ruble for Budgetary Settlements
While stablecoins have become the de facto killer app of the crypto industry, countries like Russia have favored developing a central bank digital currency (CBDC) instead. Anton Siluanov, Russia’s finance minister, has commented on the digital ruble’s evolution and its potential to improve budgetary settlements.
At the Moscow Financial Forum, held last week, Siluanov commented that the digital ruble was ready for its launch, which is slated for 2026, when the Russian government will officially start using digital ruble operations.
According to the official Russian news agency TASS, Siluanov stated:
Siluanov also emphasized the currency’s usefulness for budgetary payments, saying it would enhance state control over disbursements. “We believe it is of particular interest for the budgetary process: traceability and control will be ensured at a high level,” he said.
The digital ruble reached a milestone this week when one of the first salary payments was executed using its technology. The recipient of the payment was Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market.
Russia’s digital currency is now in its advanced final pilot stages after the central bank revealed plans to pursue its development in 2020. The testing phases of the currency have already involved tens of thousands of transactions, including several national banks and other financial and payment institutions.
The central bank even announced that it would be used as part of a system to expedite international settlements with the UAE, as a corridor to avoid the growing sanctions that the country faces.
