[Blockchain Today Reporter Jieun Lee] Anatoly Aksakov, chairman of the Russian Financial Markets’ Duma Committee on Financial Markets, emphasized that the country’s yet-to-be-released digital currency is the best form of money.
On the 29th (local time), Aksakov showed optimism about the Russian central bank’s digital currency in an interview with state media RT, predicting that within 2-3 years digital rubles will become an integral part of national payments.
Aksakov said that the Russian bank plans to complete a prototype digital ruble by the end of 2021 and publish a development roadmap in the near future. “Digital rubles are currently the best form of money. “The digital ruble is the same ruble, but it is expressed in digital form.”
Aksakov, a leading critic of cryptocurrencies such as Bitcoin (BTC), emphasized that digital rubles are issued by a central bank, which minimizes risk compared to cryptocurrencies.
Minister Aksakov also said Russia will phase out US dollar settlements in the near future. He pointed out that many countries, including China, India, and Russia, are taking steps to expand their position in the global economy. However, Aksakov said the complete withdrawal of the dollar is still too early at this point.
The Russian bank issued an advisory note on the development of digital rubles last October, and officially announced its CBDC plan at the end of 2020. Despite the fact that the Russian Banking Federation warned in January of the fraud and security risks of the digital ruble model proposal, Russian banking vice president Alexey Zabotkin said it was aiming for a CBDC trial in early 2022.
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