The Ministry of Finance of the Russian Federation called the advantages and disadvantages of the digital ruble

The Ministry of Finance of the Russian Federation commented on the possible issue of digital ruble, Having highlighted its main advantages and potential risks.

Last week, the Bank of Russia submitted an advisory report on the possibilities and prospects of issuing a digital ruble for conducting public discussion. Organizations and citizens will be able to use the digital ruble to make payments, However, he will not be considered cryptocurrency. Five Russian banks are ready to take part in testing a digital ruble.

The Ministry of Finance of the Russian Federation also connected to the discussion of this initiative. The department has highlighted the main advantages of the digital ruble: reduction in the cost of transactions and reducing the load on banks, Expanding opportunities for international payments, as well as gaining independence from the US dollar and reducing the exposure of American sanctions.

On the other hand, the Ministry of Finance identified possible risks of digital ruble, which must be eliminated. These include volatility, the likelihood of using a digital ruble for illegal purposes and the lack of support (Despite the statement of the Bank of Russia, that the stability of the digital ruble will be ensured by the state and the Central Bank itself).

To prevent destabilization of the economy and social tension, the digital ruble must have ensuring, and transactions using this digital currency should be carried out under the strict control of regulatory authorities. The department considers, that the implementation of the digital ruble will require a special payment infrastructure and new types of services. To ensure safety and transparency, They must comply with the requirements of the group of financial measures to combat money laundering (FATF). Besides, The Ministry of Finance and the Bank of Russia study international achievements for the production of state digital currency, analyzing its potential and disadvantages, as well as possible approaches to regulation.

Head of the Laboratory of Research of Monetary System and Analysis of Financial Markets REU to them. G.V.. Plekhanova Denis Domashchenko believes, that the digital ruble is unlikely to ensure the independence of the Russian economy from the US dollar. Until the Russian ruble course is strengthened, The US dollar will always be a priority. According to Domashchenko, Central banks began to investigate the possibility of releasing their own digital currency, to hold back cryptocurrency mining, which are already starting to compete with ordinary money.

“Central banks intend to shift from the niches of digital currencies of all possible competitors, namely private miners. All, What is associated with bitcoin and cryptocurrencies, categorically does not suit the central bank of different countries. Therefore, they are trying to occupy the championship and completely subjugate this process. ",- said Denis Domashchenko.

Recall, that this month the Bank of Russia proposed to limit the amount of purchase of digital financial assets (CFA) for unskilled investors before 600 thousands of rubles a year.