Bitcoin Forum

Elvira Nabiullina, head of Russia's central bank, today said that a pilot version of a digital ruble could be ready by 2021. A Russian CBDC would “make payments faster, simpler and safer,” the country’s central bank also said in a report. Here is the source: https://www.youtube.com/watch?v=J2mmajgIYPA

It will affect the traditional banking system and in my opinion CBDC won't have any impact on the crypto space because it is not crypto and nor having any threat to the utility of them.China already done this and many other countries will follow the same, so people need to learn and realize what they need them irrespective of what government says we need them.

To add to what jrrsparkles has said already, be it the Digital ruble, digital Yuan or dollar, we can only expect a centralized 'digital' fiat, so don't let this news create any furore in your mind, and mind you it won't have any impact on the dex 'crypto space', as you asked in your op. I think down the next decade, almost every country, mostly the developed ones will have a CBDC of it's own, afterwards the third world countries will follow suit. It's all about their centralized economies, plus a bid to make their currency more useful and an added value.

Mind you that there is also a bit of competition in all of this; first China, U.S. and now Russia, this are the world powers, they have to do whatever it takes so as not to fall back against their competitors, even if my country launches a CBDC, I don't think I'll be using it, except it's extremely necessary, dex crypto gives us control and freedom, added with a responsibility of our funds, this is what no country's CBDC is going to offer.

Will it have a positive impact to crypto? I'm not going to put my hopes that high but there's also a chance that the masses will be more familiarized with cryptocurrencies when they're introduced to CBDCs. Who knows if they'll become investors/traders once they have a basic understanding.

It's also possible that those who've heard of crypto before might not be interested anymore because there's a CBDC that they can use.

CBDC will not actually give a direct impact on the crypto and you can imagine CBDC will be the same as tether but it was getting controlled by the central bank as the centralized institution that will fully be dictated about how this CBDC will be going one.

If there will be a crypto platform that will be working on the gateway between crypto and CBDC and it may bring the possibility for CBDC to enter the crypto market and people can easily use it to buy or trade crypto.
Crypto will have needed this service to be created by the community to make CBDC will be available to be used for crypto-related activities.

Digital ruble system as in just cashless fiat system? Or will it be a centralized crypto currency? I have been hearing for years about Russia and some other countries saying that they will be making their own version of crypto currencies the next year (or very soon) but never saw any of the country achieve this. But does not really matter to be honest. I mean its a centralized currency currently that will be under the governments control. I doubt it is going to make things "faster and simpler". It is going to have the same speed as those regular digital wallets like Paypal or cashapp.

Generally speaking, no, most of these movement from the governments are just to keep powers as they are among the world powers, this will just be a digital currency base which will be centralize and control by the same government, so, this has nothing to do with the general cryptocurrency space. For what they are (government), i won't be interested in all of these coins from these government becasue they won't give freedom to the oppressed. I will go with the decentralized cryptocurrency to hold onto my freedom.  

It might have significant influence in the sense that many countries have been proclaim of wanting to have their digital currencies so if the Russia push it through it might create solace and many other might consider to have the same. However, since it is going to be regulated as usual, I do not think it give people the liberty that many of the cryptos gives and besides, there has been a lot of discussion regarding regulating crypto asset in Russia

Even it is regulated it doesn't mean they are not able to buy other cryoto currency using their own digital money. Making or having that option will benefit a lot for every crypto investors since there will a large market that will add another volume that we have now .

In addition there are PayPal from US that they can also use to buy cryoto currency if ever they can't buy it directly . i am assume that they can deposit thier money to PayPa.it already started and it be known  masses already and no one can stop that.

It will notake big difference in crypto space as it's regulated by the government and mist investors were not interested in dealing with crypto related made by the government for the risk that they might stop the operation anytime as they changed mind in regulating it. It will only have impact in their people as it will help them get through in their transactions easily as well it will help them provide a better services as replacement or cohelper of mobile bankings during these Pandemic.

So here we are, the race for official digital currency has started and this will do nothing but boost the trust of masses in real coins and those who were hesitant from years will also jump in, this is another reason to be super bullish about cryptos for long term.

Just like China who's also making a test for their CBDC. But the twist on this news from what I know is that cryptos are reportedly about to be banned. I lack of details about it because I only saw it on the news.
Russia’s Latest Draft Bill Would Still Largely Ban Crypto, Stifle Miners (https://www.coindesk.com/russia-ban-crypto-miners)
It's a draft when the news came out but I don't know if in which process it is now.

The only good sides of this is, first the country has now come to the realization that digital currency is the way forward in a world of various technologies. Secondly, this will expose more people into researching more about digital currencies and thus in one way or the other, bringing them to the broader crypto space, hence more growth. Now, on the other hand, since it is coming from the government, then there won't be anything like decentralization, rather it will be a highly centralized cryptocurrency under the control of the government, therefore having little to no difference from the fiat currency. But however, the exposure it will lead people to, such as what crypto is all about and so on, is what I like about the development.

The way things are now I think all these countries will have their own, if the Chinese Digital currencies is hugely successful then expect others   Countries to follow suit. Digital Euro also is on the way and FED is talking about  Digital Dollar, the only countries likely to be left behind are the developing countries     

We have to wait and see what are the rules and regulations around these CBDCs. I am especially keen to see the limitations on all these official coins because i know these will be fully centralized and controlled coins.

Cryptocurrencies is under the digital currencies, it says there that they will pilot a digital currency to make transaction faster and safer than the conventional currency that they are using. Are there effects in cryptos? It's kinda vague to answer this question since they did not mention any use of crypto or even a small influence to have a crypto. The good side that I can think of it is that people will be more engage in online/digital money which may result to strike their interest into cryptocurrencies.

Nah, I don't see any positive impact of this news, specially coming from Russia? As I have said in the past, they are not crypto friendly country because crypto will give freedom to its people and that's what the government wants. Yes, they have their own CBDC but for what? just to be used locally? then how can it affect crypto in general? Besides the tax owning or using it, another burden for Russia. So any news coming from the Russian government regarding crypto should be taken with a grain of salt of.

probably it can help to gain the interest of mass media.
after China experiment of a central virtual currency (50k users), there was Bahamas with their CBDC as first official launch worldwide.
perhaps the real news will be a USD or EUR virtual currency.
A mass adoption cashless could give another big impact for most cryptocurrencies.

Russia's government has banned crpyto trading years ago and today the representative of Russia central bank talks about faster, simpler, and safer payments. Crpyto is a key to all required financial transparency but the government shouldn't ban the projects in the crypto ecosystem. The latest decision can lead to the increasing popularity of cryptocurrencies in Russia. Digital Rub can be real if the government can help the startup projects to survive especially in the pandemic. I know many new projects have move their office from Russia to Estonia due to tight regulation and corruption facts.

If they allow bitcoin then it can be good but if they only the Digital Rubble then I think this is a different scenario and this is something that crypto enthusiast don’t want to happen, because it is a centralized currency especially under the control of the government. There might be an impact on the market because of this but I’m still looking for more support coming from Russia with regards to Bitcoin adoption.

It will just enhance Russia's monetary policy or even push out their banking system. But for crypto space, really hard to see if it has a effect on us. Yes, we all know digital transactions, but we also wanted anonymity which this CBCD can't give to us. The only impact I can see is that maybe people will be curious about what cryptocurrencies it and maybe some of them will invest or majority will not, hard to say.

There is a lot of taking about digital currencies. Whether it will impact crypto in positive way or negative. In my opinion in short time it will create a hype for cryptos but in long term Digital currency hae nothing to do with Crypto. Digital currency is the same old bank money but now digitally . It will surelly effect Banking system and the way we transact in day to day life. But no effect to crypto in long term according to me.

I believe this news is one of the news that will trigger the peak of the bull market at the end of 2021, there is a possibility that cryptocurrency will become an option in making digital rubles.
it would be better if there is a special site that provides regular updates about the creation of this digital ruble,
this will make it easier for crypto investors to monitor the development of the digital ruble.

China leads for having their own kind of Digital Yuan and now Russia proposed their own kind of digital currency too. Its not impossible that sooner or later almost all of the 1st world countries will have theirs too. But despite of this i am worried about the standing of other altcoins in the market. I bet that bitcoin could be still to the place where it was placed but the mere fact that it has a lot more potential competitive digital currency that will grow if each country would proposed their own kind of digital currency.

Thats exactly what I was thinking. Crypto space has expanded largely but still a massive number of people still in the dark about what a digital currency is and how it works. I think people will be introduced to digital currency through this and this can be a gateway to involve in cryptocurrency for many people. Once they get familiar with the digital currency they will understand cryptocurrency too.

I don't understand Russian a bit so I can't read the details of the video, I'm looking for some of the same articles about the news, I think it's good enough that digital payments should be supported for now and in the future, especially using blockchain or bitcoin too will help the people's welfare as well as the speed of transactions without having to use physical money

Certain rules and regulations will apply only if they introduce their countries own coin, yes the government will have a restriction without any doubt. But for independent coins the government can't do anything, also people will give importance only to those coins which will be familiar and profitable to them.

Many advantage using cryptocurrency as payment transaction because when sending money with bigger amount to other country we can sent faster and lower fees transaction, you can try to sent billion USD to other country using bank trough, how difficulty system to sent your money and have fill many form, but when you sent your money through bitcoin and altcoin you can sent just few minute without have difficulty with transaction system, exactly you just pay lower fee when sending big amount of your money trough bitcoin and altcoin, each transaction take about $1 to 4$ depend which currency do you use.

I agree I consider this a step to introduction to Cryptocurrency, people who are just introduced to this form of Cryptocurrency will likely go for a real Cryptocurrency, so many people are not yet in Cryptocurrency for lack of basic understanding about Cryptocurrency, but if their country will introduce it to them they will have a basic knowledge and it's a big step to step in the real Crypto.

This ain't the first time we've seen news like this one, we need more than words right now, I don't see how this will have impact on crypto, let see, this particular russian coin is CBDC right? Of course it won't have any impact, PayPal never said they will only support central bank digital currency but Bitcoin and other popular coins which I believe that's why we are bullish presently.

For people who loves to explore this might be the chance to bring them inside crypto industry, there are so many opportunities that it will drag them inside and start supporting this market.

From curiosities to actual participations with crypto, that always a possibilities since there are significance that the chain already being used by the government.

Good thing to hear this news, more people to gather and start using this system will bring another
stages for blockchain/crypto acceptance.

I think not gonna make significant impact whatsoever but it might be impactful in Russia. However, the word "digital currency" doesn't necessarily means crypto and in this case Russia could create their own system other than using blockchain which also means it's gonna be different than crypto. But it's always such a refreshing thing to see many countries slowly switched into digitalizing everything. eliminating the obsolete payment method.

Because of the pandemic governments are now on cashless transaction China and Russia are leading on creating one for themselves they will only serves their citizen but in no way to replace Cryptocurrency among their supporters in countries where this digital currency are created, the positive impact is people including those unbelievers will now have experience what it's like to use digital currency and it's a prior introduction to Bitcoin.

https://www.coindesk.com/bank-of-russia-chief-talks-digital-ruble-sees-pilot-in-2021 Based on this news article, It's most likely that they are going to make a centralized digital currency and I think there's no chance that it's going to be a stablecoin since they didn't specifically said "cryptocurrency" but instead "Digital currency", not even a centralized cryptocurrency like XRP.

With that, I wouldn't really see this as a positive news on crypto space.

Yes, it is easy to send money, it is very clear that the cryptocurrency system is the right thing to use, because it is very simple and does not make it difficult for us to prepare the files we need, only that only applies to those who really are. understand cryptocurrency and have been in crypto for a long time, while for people who are not familiar with the world of crypto, of course it will be difficult to do this.

In Russia, everything is still very incomprehensible with cryptocurrencies, one day they prohibit the use of cryptocurrencies, second day they allow the use of cryptocurrencies, everything changes there every day, and for now, it is certainly not worth thinking that this news are true, but if this really will happen, then I think the growth of cryptocurrencies provided.

We've been hearing several countries planning to take this kind of innovation and in my opinion, it might have an impact but don't expect that this will bring a huge influence on crypto space since, after all, it's a centralized digital currency, and it won't promote crypto. However, when people start to adapt to the digital currency, it can be a way for them to recognize crypto. And it can also help them to easily understand how digital currency and transaction work so when they get to know crypto, it will be easy for them to understand it as well.