Digital Ruble „Highest Form of Money“

Russian Bitcoin Critic: Digital Ruble „Highest Form of Money“

The digital ruble will become an integral part of national finance by 2023 or 2024, according to Anatoly Aksakov of the Russian State Duma.

Anatoly Aksakov, the chairman of the Russian State Duma’s Financial Markets Committee, believes the country’s proposed digital Bitcoin Revolution currency is the „highest form of money“.

In an interview with state television RT on Monday, Aksakov expressed optimism about the Russian central bank’s planned digital currency. He predicted that a digital rouble would become an integral part of national financial systems in two or three years.

Aksakov said the Bank of Russia aims to complete a prototype digital rouble by the end of 2021. It plans to publish a development plan in the near future, he said. „A digital rouble is the highest form of money here,“ he explained. Effectively, it is the „same ruble, but in digital form“.

A major critic of cryptocurrencies such as Bitcoin (BTC), Aksakov stressed that a digital rouble posed minimal risk compared to cryptocurrencies because it was issued by the central bank.

Aksakov also said that Russia would soon gradually move away from the US dollar for settlements

He explained that countries such as China, India and Russia have taken steps to strengthen their presence in the global economy. However, Aksakov said it was too early for a complete exit from the dollar.

The Bank of Russia officially announced its CBDC plans at the end of 2020 and published a consultation paper on the development of a digital rouble last October. Although the Association of Russian Banks warned in January about the fraud and security risks of the proposed digital rouble models, Bank of Russia Deputy Governor Alexey Zabotkin said the bank was aiming to launch CBDC in early 2022.