The head of the Ministry of Finance of the Russian Federation Anton Siluanov called the digital currency of the central bank (CBDC) interesting in terms of use for government spending. He expressed this opinion in the documentary “History of Russian Finance”, writes TASS.
According to the official, digital currencies are the future of the financial system.
“Along with the usual circulation of money, digital currencies have a number of advantages. This tool is under the control of the Central Bank, it is traceable. And it is extremely difficult to commit various illegal actions with digital currency,” Siluanov said.
The head of the Ministry of Finance noted that the regulatory framework around CBDC is just beginning to take shape. However, the advantages of using it for public needs are already obvious, including transparency and reliability in savings.
“This will be especially interesting for government spending, because they require targeted verification. A digital currency is better suited for this than any other,” the minister added.
Speaking about the disadvantages of the digital ruble, Siluanov mentioned the impossibility of making money on the asset due to its non-speculative nature.
Recall that the launch of the prototype of the digital ruble platform took place in January 2022 with the participation of five banks. Together with the regulator, they tested the issue of an asset, the opening of digital wallets, as well as transfers between citizens.
In general, the pilot group included 12 banks.
Testing of the tool on real operations and clients will start in April 2023. To speed up the pilot of the Central Bank of the Russian Federation prompted the sanctions against the Russian banking system.
The full-scale launch of the digital ruble as the third form of money is expected by 2030.
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The head of the Ministry of Finance of the Russian Federation Anton Siluanov called the digital currency of the central bank (CBDC) interesting in terms of use for government spending. He expressed this opinion in the documentary “History of Russian Finance”, writes TASS.
According to the official, digital currencies are the future of the financial system.
“Along with the usual circulation of money, digital currencies have a number of advantages. This tool is under the control of the Central Bank, it is traceable. And it is extremely difficult to commit various illegal actions with digital currency,” Siluanov said.
The head of the Ministry of Finance noted that the regulatory framework around CBDC is just beginning to take shape. However, the advantages of using it for public needs are already obvious, including transparency and reliability in savings.
“This will be especially interesting for government spending, because they require targeted verification. A digital currency is better suited for this than any other,” the minister added.
Speaking about the disadvantages of the digital ruble, Siluanov mentioned the impossibility of making money on the asset due to its non-speculative nature.
Recall that the launch of the prototype of the digital ruble platform took place in January 2022 with the participation of five banks. Together with the regulator, they tested the issue of an asset, the opening of digital wallets, as well as transfers between citizens.
In general, the pilot group included 12 banks.
Testing of the tool on real operations and clients will start in April 2023. To speed up the pilot of the Central Bank of the Russian Federation prompted the sanctions against the Russian banking system.
The full-scale launch of the digital ruble as the third form of money is expected by 2030.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
