Topic: Russia; The digital ruble will be launched in 2023 - page 2. (Read 247 times)

Since China created its digital currency, the yuan, it is expected that most countries will tend to create their own digital currency, for me I was not surprised that Russia was next after China in making its own digital currency, China and Russia are in one economic alliance against the United States and there is great competition in the field of race To enter the digital age of the economy.
I think that most countries have not succeeded in enforcing bans on decentralized cryptocurrencies, they will now try to circumvent cryptocurrencies by making their own central digital currency.

There is a chance (CBDC) central bank digital currencies will never be released. It may merely be a stall tactic.

Venezuela's central bank unveiled its own CBDC rollout years ago. They said for years it would be backed by oil. These bold claims never materialized. Many central banks released public proposals or announcements with no proof of concept, pilot program or working prototype. Don't hold your breath waiting for central banks to innovate, invent or progress. It may never happen.

Banks aren't known for upgrading their networks, infrastructure or process. Pursuing this course of action would be a massive undertaking. One that may not be possible.

I like the idea, but I don't trust their national currency (Russian Ruble). The exchange rates have crashed by almost 3 times during the last 7 years. So unless you want to use RUR for instant transactions, I would not prefer using that currency. If it can go down by 300% during the last seven years, it can do the same in the next seven years as well. And this so called digital ruble is the same as normal ruble. The only difference is that it is in the cryptocurrency format.

As expected since China initiated their own digital currency now Russia is working on this I guess this is something to do with the USD. 73% of digital transactions in Russia is a big thing, to control the market they have to create their own digital currency.

Though there’s also a chance that this is because of the growing digital transactions and growing market of cryptocurrency, we really don’t know what’s the real purpose behind this since they’ll just publish for the good of their people and their government. Digital or not, as long its fiat currency it is still controlled by the government.

Russia and China are both developing a digital currency as a way to avoid the US-denominated global system. The main challenge for the US will be that a main-stream digital system from either will allow countries to use it and avoid US sanctions and the Swift system. This will empower rogue nations like Iran and North Korea and serve as a major loss of US global economic power, which of course both Russia and China are attempting to engineer intentionally.

Astonishing rate for the digital transaction! I mean 73% of transactions are digital means most of them are already don’t carry cash and it is possible that they have bigger “youth” as compared to the oldies who still love to pay in cash and don’t understand or trust the digital system yet.

Ruble in digital form could be big leap for the Russia but don’t seem any relevance with the crypto space yet. I mean it will be centralised currency only and might just use blockchain as the backbone. So it may or may not affect crypto space directly.

This movement is very intelligent on the part of Russia, perhaps they have seen how the stablecoin of China is being adopted by their own people, it is a way to have better control of their economy, I understand that now Russia has inflation problems, almost compared last year it has managed to rise from 3% to 5%, these figures are really alarming for any country.

A possible solution is the digitization of the currency, perhaps with the use of Blokchain capital flight decreases, the countries currently have this particular exit, the first country that had this solution was Venezuela with its failed Petro, they did not know how to do the things and everything fell apart. Russia has now learned from these mistakes and from what China has recently achieved, and although it is a stablecoin it may possibly be anchored to solid fixed assets such as gold and can combine it with Bitcoi (it is a possible theory of its own).

As it says in the article, although 73% represents digital transfers, it means that they want to have the Ruble options in the form of a Token.

Right now they have started a war on Ukraine, not on the papers but they are transporting heavy machinery to Ukraine at the same time their previous war is not yet over and the country is still not over the COVID. First they were thinking of launching it fast but right now 2023 might seem a little too far fetched for them if they did engage in war at once since this would mean different countries will come supporting their sides and at the end this would mean China would Attack India too seeing the opportunity. I do not think that they would be able to handle that much. But what would be the value of rubble at the end once things like that start ? Who will invest ? They are literally using everything for their offense and security. Let's see what will happen but I do not think any country will come and support this at the end it would be much like a local currency that would die down really fast.

Senior leaders from Russia's central bank presented the main details of the supply of the country's national digital currency (CBDC) during a virtual press conference on Thursday. According to Alexei Zabotkin, Deputy Governor, and Olga Skorobogatova, First Deputy Governor of the Central Bank of Russia, according to the current schedule, the digital ruble will probably be launched by 2023. It was previously reported that the bank intends to implement the digital ruble infrastructure by the end of 2021 and test prototypes of the currency by 2022. It now looks like the Central Bank of Russia's digital currency program will be realized in the next two years.
For example, the Central Bank of Russia will try to control non-cash transactions with the aim of easier transfer to digital rubles. According to Zabotkin, restricting non-cash transactions is expected to compensate for the lack of liquidity when offering digital rubles.
Russia's national digital currency also has a two-tiered system, such as the Chinese digital yuan; In this way, the Central Bank distributes the national digital currency of this country among third parties, such as commercial banks, and these companies offer this currency to users.
As a member of the board of the Central Bank of Russia, Skorobugatova also claimed at a conference on Thursday that 73% of transactions in Russia have been digitized so far. This marks significant changes in Russia's purely cash world in recent years.

Source: https://www.theblockcrypto.com/linked/101134/bank-russia-digital-ruble-2023?utm_source=rss&utm_medium=rss