The Bank of Russia’s consultation paper demonstrates that the country is serious about issuing its own digital currency.
It can be a game-changer in the currencies, paving a way for all the countries to follow. Who knows, maybe digital currency can be the future of currencies in the world.
It’s like a Government sanctioned cryptocurrency. Initially, they will launch it in addition to the already existing cash currency and eventually replace it altogether.
Meanwhile they are trying to stiffle as much as possible all other digital currencies. A lesson learned from China? Not that China has been particularly successful.
This is quite huge. It can also happen that Russia is paving the way for all the rest of the countries and they even follow these steps.
They are hardly the only ones through. Both China and the EU have plans of their own for CBDCs.
I read a piece of article that says that digital ruble can still be vulnerable to fraud as per the Russian banks. Recently, the Bank of Russia released its first consultation paper on the development of digital Russian Ruble and users will be allowed to access it on their e-wallets and mobile devices.