The Central Bank of Russia initiate test face for digital Rubel earlier than planed

By Patch | Things of note and other interesting stuff | 26 Jun 2022

The Central Bank of Russia is moving ahead with its plans to implement a digital version of the Ruble. It is almost like they have some external pressure put on them forcing them to move ahead with the project. Or they can just be very effective and be ahead of their schedule, what do I know...

The Digital version of Rubel is expected to be fully implemented by the end of 2023

The initial testing will be done at the start of April next year and will include real clients at 12 Russian banks taking part in the pilot testing. With another three applying to also be included in the tests as well as sveral non-financial institutions also wanting to be included in the trials.

A Russian CDBD, Central Bank Digital Currency, will probably buy them some time before EU and the other western countries put more sanctions including that as well. But it will most likely open up more avenues for Russia to buy and sell goods with their own Rubel. Wich has been a slight problem due to the current sanctions put on them.

But then again these plans have been in place sens 2020, so it might just be me who is a bit cynical.

In my opinion, all self-respecting states will have a national digital currency within three years. And we will need to build cross-border cooperation in that direction as well, -First Deputy Chairman Olga Skorobogatova

Olga both have a point and have not there. Personally, I think that CDBD if used correctly can be extremely useful and good for people. But they also bring with them a whole can of worms that can be used by a less scrupulous government or company in charge. Personally, I think companies will be paying huge money to be the ones in charge. As that would virtually grant them unfettered access to the whole population of a country's shopping habits.

You just need to look at Facebook, Google, and Amazon, they are probably salivating just thinking about this.

What is your opinion on this, is it Good that Russa surges ahead and probably will become the biggest economy to adopt a CDBD? Or is it just another tool for Russian Oligarchs to rob steal and hide their money even more? And what are your thoughts on CDBD in general, do you think they are good or bad? Please share your comment section down below.

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