Russia; The digital ruble will be launched in 2023

[Leviathan.007]

Senior leaders from Russia's central bank presented the main details of the supply of the country's national digital currency (CBDC) during a virtual press conference on Thursday. According to Alexei Zabotkin, Deputy Governor, and Olga Skorobogatova, First Deputy Governor of the Central Bank of Russia, according to the current schedule, the digital ruble will probably be launched by 2023. It was previously reported that the bank intends to implement the digital ruble infrastructure by the end of 2021 and test prototypes of the currency by 2022. It now looks like the Central Bank of Russia's digital currency program will be realized in the next two years.
For example, the Central Bank of Russia will try to control non-cash transactions with the aim of easier transfer to digital rubles. According to Zabotkin, restricting non-cash transactions is expected to compensate for the lack of liquidity when offering digital rubles.
Russia's national digital currency also has a two-tiered system, such as the Chinese digital yuan; In this way, the Central Bank distributes the national digital currency of this country among third parties, such as commercial banks, and these companies offer this currency to users.
As a member of the board of the Central Bank of Russia, Skorobugatova also claimed at a conference on Thursday that 73% of transactions in Russia have been digitized so far. This marks significant changes in Russia's purely cash world in recent years.

Source: https://www.theblockcrypto.com/linked/101134/bank-russia-digital-ruble-2023?utm_source=rss&utm_medium=rss

[fiulpro]

Senior leaders from Russia's central bank presented the main details of the supply of the country's national digital currency (CBDC) during a virtual press conference on Thursday. According to Alexei Zabotkin, Deputy Governor, and Olga Skorobogatova, First Deputy Governor of the Central Bank of Russia, according to the current schedule, the digital ruble will probably be launched by 2023. It was previously reported that the bank intends to implement the digital ruble infrastructure by the end of 2021 and test prototypes of the currency by 2022. It now looks like the Central Bank of Russia's digital currency program will be realized in the next two years.
For example, the Central Bank of Russia will try to control non-cash transactions with the aim of easier transfer to digital rubles. According to Zabotkin, restricting non-cash transactions is expected to compensate for the lack of liquidity when offering digital rubles.
Russia's national digital currency also has a two-tiered system, such as the Chinese digital yuan; In this way, the Central Bank distributes the national digital currency of this country among third parties, such as commercial banks, and these companies offer this currency to users.
As a member of the board of the Central Bank of Russia, Skorobugatova also claimed at a conference on Thursday that 73% of transactions in Russia have been digitized so far. This marks significant changes in Russia's purely cash world in recent years.

Source: https://www.theblockcrypto.com/linked/101134/bank-russia-digital-ruble-2023?utm_source=rss&utm_medium=rss

Right now they have started a war on Ukraine, not on the papers but they are transporting heavy machinery to Ukraine at the same time their previous war is not yet over and the country is still not over the COVID. First they were thinking of launching it fast but right now 2023 might seem a little too far fetched for them if they did engage in war at once since this would mean different countries will come supporting their sides and at the end this would mean China would Attack India too seeing the opportunity. I do not think that they would be able to handle that much. But what would be the value of rubble at the end once things like that start ? Who will invest ? They are literally using everything for their offense and security. Let's see what will happen but I do not think any country will come and support this at the end it would be much like a local currency that would die down really fast.

[LUCKMCFLY]

This movement is very intelligent on the part of Russia, perhaps they have seen how the stablecoin of China is being adopted by their own people, it is a way to have better control of their economy, I understand that now Russia has inflation problems, almost compared last year it has managed to rise from 3% to 5%, these figures are really alarming for any country.

A possible solution is the digitization of the currency, perhaps with the use of Blokchain capital flight decreases, the countries currently have this particular exit, the first country that had this solution was Venezuela with its failed Petro, they did not know how to do the things and everything fell apart. Russia has now learned from these mistakes and from what China has recently achieved, and although it is a stablecoin it may possibly be anchored to solid fixed assets such as gold and can combine it with Bitcoi (it is a possible theory of its own).

As it says in the article, although 73% represents digital transfers, it means that they want to have the Ruble options in the form of a Token.

[so98nn]

Astonishing rate for the digital transaction! I mean 73% of transactions are digital means most of them are already don’t carry cash and it is possible that they have bigger “youth” as compared to the oldies who still love to pay in cash and don’t understand or trust the digital system yet.

Ruble in digital form could be big leap for the Russia but don’t seem any relevance with the crypto space yet. I mean it will be centralised currency only and might just use blockchain as the backbone. So it may or may not affect crypto space directly.

[jaysabi]

Russia and China are both developing a digital currency as a way to avoid the US-denominated global system. The main challenge for the US will be that a main-stream digital system from either will allow countries to use it and avoid US sanctions and the Swift system. This will empower rogue nations like Iran and North Korea and serve as a major loss of US global economic power, which of course both Russia and China are attempting to engineer intentionally.

[goaldigger]

As expected since China initiated their own digital currency now Russia is working on this I guess this is something to do with the USD. 73% of digital transactions in Russia is a big thing, to control the market they have to create their own digital currency.

Though there’s also a chance that this is because of the growing digital transactions and growing market of cryptocurrency, we really don’t know what’s the real purpose behind this since they’ll just publish for the good of their people and their government. Digital or not, as long its fiat currency it is still controlled by the government.

[bryant.coleman]

I like the idea, but I don't trust their national currency (Russian Ruble). The exchange rates have crashed by almost 3 times during the last 7 years. So unless you want to use RUR for instant transactions, I would not prefer using that currency. If it can go down by 300% during the last seven years, it can do the same in the next seven years as well. And this so called digital ruble is the same as normal ruble. The only difference is that it is in the cryptocurrency format.

[Hydrogen]

There is a chance (CBDC) central bank digital currencies will never be released. It may merely be a stall tactic.

Venezuela's central bank unveiled its own CBDC rollout years ago. They said for years it would be backed by oil. These bold claims never materialized. Many central banks released public proposals or announcements with no proof of concept, pilot program or working prototype. Don't hold your breath waiting for central banks to innovate, invent or progress. It may never happen.

Banks aren't known for upgrading their networks, infrastructure or process. Pursuing this course of action would be a massive undertaking. One that may not be possible.

[yhiaali3]

Since China created its digital currency, the yuan, it is expected that most countries will tend to create their own digital currency, for me I was not surprised that Russia was next after China in making its own digital currency, China and Russia are in one economic alliance against the United States and there is great competition in the field of race To enter the digital age of the economy.
I think that most countries have not succeeded in enforcing bans on decentralized cryptocurrencies, they will now try to circumvent cryptocurrencies by making their own central digital currency.

[Darker45]

I like the idea, but I don't trust their national currency (Russian Ruble). The exchange rates have crashed by almost 3 times during the last 7 years. So unless you want to use RUR for instant transactions, I would not prefer using that currency. If it can go down by 300% during the last seven years, it can do the same in the next seven years as well. And this so called digital ruble is the same as normal ruble. The only difference is that it is in the cryptocurrency format.

Of course, they're all the same. I can remember my lesson in Chemistry years ago between physical change and chemical change. This is merely physical change. Nothing has changed essentially. This is the same old Russian ruble that we used to know, albeit digital. But the issuer remains the same. The monetary system ruling over it remains the same. The control behind it remains the same. The people who can make any whimsical and arbitrary adjustments to its supply and whatnots are still there as well.

[Sithara007]

Of course, they're all the same. I can remember my lesson in Chemistry years ago between physical change and chemical change. This is merely physical change. Nothing has changed essentially. This is the same old Russian ruble that we used to know, albeit digital. But the issuer remains the same. The monetary system ruling over it remains the same. The control behind it remains the same. The people who can make any whimsical and arbitrary adjustments to its supply and whatnots are still there as well.

Russia is one of the countries that is worst affected by capital outflows. The corrupt oligarchs don't want to store their wealth in Russia, and therefore they transfer most of it to tax havens such as Cyprus and London. In countries such as China, they keep the national currency at a specific rate due to manipulation by the government. But the ruble doesn't receive any such support from the government and that is the reason why it is constantly devaluing.

[Kakmakr]

Governments will all eventually turn to Crypto currencies or digital currencies, because it is easier to manipulate them. Just imagine the effort that goes into printing more money, compared to the increasing of the coin cap... when you have a token that are controlled by a government. (Hard forks will be easy, because the government controls all the full nodes) 

They simply tell the developers to adjust the parameters in the code and they update the client and push it electronically to all the full nodes that they are controlling and viola... the coin cap is increased.  

[Kong Hey Pakboy]

Right now they have started a war on Ukraine, not on the papers but they are transporting heavy machinery to Ukraine at the same time their previous war is not yet over and the country is still not over the COVID. First they were thinking of launching it fast but right now 2023 might seem a little too far fetched for them if they did engage in war at once since this would mean different countries will come supporting their sides and at the end this would mean China would Attack India too seeing the opportunity. I do not think that they would be able to handle that much. But what would be the value of rubble at the end once things like that start ? Who will invest ? They are literally using everything for their offense and security. Let's see what will happen but I do not think any country will come and support this at the end it would be much like a local currency that would die down really fast.

Considering they have already annexed.Crimea, I don't think that they are going to stop at that, Russian President Vladimir Putin believes that the split of the USSR and the independence of former Soviet states which resulted in the loss of a large chunk of their territory is the greatest loss of Russia.That will depend on who will support Russia, they have a connection and I don't think that they are going to let all those connections go to waste. They might be able to pull off the launch since they have the manpower to do so.

[electronicash]

Governments will all eventually turn to Crypto currencies or digital currencies, because it is easier to manipulate them. Just imagine the effort that goes into printing more money, compared to the increasing of the coin cap... when you have a token that are controlled by a government. (Hard forks will be easy, because the government controls all the full nodes) 

They simply tell the developers to adjust the parameters in the code and they update the client and push it electronically to all the full nodes that they are controlling and viola... the coin cap is increased.  

this proves that projects with CEOs are certainly not decentralized. if you have been holding millions of tokens for a while and then they update, your tokens could be worthless if they won't allow you to update or migrate to the new client.

2023 seems too late for the launch. all they just need is to hire hundreds of coders to reverse engineer what goes on inside the Chinese CBDC wallet. but then this could be the reason why Skorobogatova considers it 3rd form of money. it's not a priority i guess.

[davis196]

Digital ruble,digital euro,digital yuan...
They will be created to serve for the same purposes-cashless society,less money laundering,more tax revenue,less anonymity,more transparency...This is financial totalitarianism.The governments will control our finances and take away our freedom and privacy.They will do this,while pretending to fight tax evasion and money laundering.Pretending that they will create a better financial infrastructure,that is more efficient and safe.This is all just lies and propaganda.
CBDC is still just a concept,but central banks are working hard to bring CBDCs into reality.

[bryant.coleman]

Governments will all eventually turn to Crypto currencies or digital currencies, because it is easier to manipulate them. Just imagine the effort that goes into printing more money, compared to the increasing of the coin cap... when you have a token that are controlled by a government. (Hard forks will be easy, because the government controls all the full nodes) 

They simply tell the developers to adjust the parameters in the code and they update the client and push it electronically to all the full nodes that they are controlling and viola... the coin cap is increased.  

They are just trying to take advantage of the hype related to cryptocurrencies right now. There is no difference between a CBDC and fiat currency. Original concept of cryptocurrency is not applicable to CBDCs, because they are not decentralized and there can't be any cap on maximum supply. For government, the advantage is that they can mint as many coins as they want, and this time they don't need to spend metal or paper to do that. 

[Kittygalore]

Digital ruble,digital euro,digital yuan...
They will be created to serve for the same purposes-cashless society,less money laundering,more tax revenue,less anonymity,more transparency...This is financial totalitarianism.The governments will control our finances and take away our freedom and privacy.They will do this,while pretending to fight tax evasion and money laundering.Pretending that they will create a better financial infrastructure,that is more efficient and safe.This is all just lies and propaganda.
CBDC is still just a concept,but central banks are working hard to bring CBDCs into reality.

Not to mention that this also helps with reducing the cost of printing fiat and overtime obsolete the printing of fiat altogether. I wouldn't really say that it is a totalitarian one sincethe government already know the crucial information about us even if we are to resist this one, if they force it doent our throats, we can't do shit about it.

[Mauser]

Governments will all eventually turn to Crypto currencies or digital currencies, because it is easier to manipulate them. Just imagine the effort that goes into printing more money, compared to the increasing of the coin cap... when you have a token that are controlled by a government. (Hard forks will be easy, because the government controls all the full nodes) 

They simply tell the developers to adjust the parameters in the code and they update the client and push it electronically to all the full nodes that they are controlling and viola... the coin cap is increased.  

They are just trying to take advantage of the hype related to cryptocurrencies right now. There is no difference between a CBDC and fiat currency. Original concept of cryptocurrency is not applicable to CBDCs, because they are not decentralized and there can't be any cap on maximum supply. For government, the advantage is that they can mint as many coins as they want, and this time they don't need to spend metal or paper to do that. 

But is there a huge demand for the digital ruble? The ruble was quite weak over the last few years in part due to the western sanctions against Russia. A big problem for USA is the Nord stream 2 pipeline being build to sell more energy to Europe. If this project is not getting stopped we could see more sanctions against Russia. Maybe they restrict western markets to trade the digital ruble all together. In my opinion there is not a lot of demand from within Russia.

[slapper]

73% of their domestic transactions are digitalized so digital ruble will not make any change. Moreover, I doubt that the global monetary system such as the ETF will accept Digital Ruble as a currency for Forex. Therefore, this can only be used within the nation. New regulations will be made in order to force the people to use this currency

The China, on the other hand, has the capability to make the digital Yuan stronger. Their hometown is a vast field for experiments with more than 2 billion citizens. Therefore, even if the digital yuan is not recognized by the ETF or the US, it will definitely work well as a tool to control the Chinese.

But up to now, there is no sign that CBDC will be deployed in the near future. A few tests are being made but no significant moves. If the stagnation continues, cryptocurrency will soon become an irreplaceable substance to people.

[LeGaulois]

Since China created its digital currency, the yuan, it is expected that most countries will tend to create their own digital currency, for me I was not surprised that Russia was next after China in making its own digital currency, China and Russia are in one economic alliance against the United States and there is great competition in the field of race To enter the digital age of the economy.
I think that most countries have not succeeded in enforcing bans on decentralized cryptocurrencies, they will now try to circumvent cryptocurrencies by making their own central digital currency.

Other countries did not wait for China and its digital currency to start developing their own currency. Central banks have been looking into it since 2017.
Countries are not trying to create their own currency to compete with cryptocurrencies. CBDC and cryptos are two different types of currencies, with different goals

...Many central banks released public proposals or announcements with no proof of concept, pilot program or working prototype. Don't hold your breath waiting for central banks to innovate, invent or progress. It may never happen...

You have to admit that this is not something that can be achieved in 1 or 2 years. It requires a lot of experimentation and, above all, a lot of thought. (This is not digital money, but if you look at the introduction) of the euro, it took probably 15 years before the currency was in existence.

If you take the example of the European Central Bank, it has not planned to launch its corner before 2025

As expected since China initiated their own digital currency now Russia is working on this I guess this is something to do with the USD. 73% of digital transactions in Russia is a big thing, to control the market they have to create their own digital currency.

It doesn't work like that. I mean they won't control the market with a digital currency (No matter if it's Russia or any other county).
In the international market, they want to be paid with a currency that is accepted worldwide, and currently only the US Dollar matter. Nobody will accept a currency that can hardly be exchanged for their local currency.

The US Dollars rules everywhere and as long as he holds the supremacy things will not change