Bitcoin News and Finance
Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document Skip to main content

Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document

Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document

The launch of a digital ruble will be among Russia’s key priorities of digitalization this decade, the country’s financial market development strategy has confirmed. The document claims the issuance of a digital national fiat will help the central bank to prevent Russians from using “money surrogates” as officials have previously called cryptocurrencies.

Bank of Russia to Issue Digital Ruble by 2030, According to Financial Market Development Plan

The Strategy for the Development of the Financial Market of the Russian Federation by 2030 was released this week by the Ministry of Finance. The plan is open for public discussions between Sept. 14 and Oct. 13, 2021, according to a notice published by the State Automated Information System.

Digital Ruble to Help Curb Use of ‘Money Surrogates,’ Russia Says in Financial Strategy Document

The strategy defines the launch of a digital version of the Russian ruble as one of the priority tasks in the field of digitalization, as Bits.media crypto news outlet reported. The digital ruble, the authors have pointed out, will become the third form of money issued by the Central Bank of Russia (CBR).

The central bank digital currency (CBDC) is expected to facilitate the development of Russia’s payment infrastructure and the introduction of innovative financial instruments. The digital ruble should also increase the availability of banking services for private and corporate users while reducing transaction costs.

Moscow hopes the digital ruble will allow it “to continue to discourage the use of monetary surrogates” which are banned under current law. Russian regulators have previously described cryptocurrencies using that term. The Finance Ministry insists money surrogates bring money laundering and terrorist financing threats, pose risks to Russian citizens while hindering macroeconomic policies.

Furthermore, Russia plans to proceed with the development of its Mir payment system, the country’s Faster Payments System and Financial Messaging System. Bank of Russia will implement Suptech and Regtech solutions to analyze transactions and monitor regulatory compliance in order to more effectively manage risks and ensure information security. The document notes:

In the context of the launch of the digital ruble and the development of payment instruments, the Government of the Russian Federation and the Bank of Russia will continue to oppose the use of monetary surrogates.

To ensure consumer protection, Russia will take into account international standards set by the Committee on Payments and Market Infrastructure, the International Organization of Securities Commissions and the Financial Stability Board, the strategy emphasizes. The digital ruble should enable authorities to better deal with crises and inflation as they maintain the stability of the Russian economy.

The publishing of the financial market strategy comes after the Bank of International Settlements (BIS) recently urged central banks to quickly develop their CBDCs to compete with payment initiatives in the private sector. At a financial forum in Slovenia, Benoît Cœuré, who heads the BIS Innovation Hub, warned monetary authorities should accelerate their work on state-issued digital currencies as “stablecoins and cryptoassets are already here.”

Speaking to reporters last week, President Vladimir Putin’s press secretary Dmitry Peskov stated that the Russian Federation is not ready to recognize bitcoin, insisting that such a move would not bring any benefits to the country. In May, Bank of Russia’s Deputy Governor Olga Skorobogatova announced that the CBR is preparing to present a digital ruble prototype by the end of 2021.

Do you think the digital ruble will limit the use of cryptocurrencies in Russia? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory