Russia’s State Duma proposed to ban foreigners from using the digital ruble

Deputy Sergei Mironov has called for using the Central Bank’s cryptocurrency to reduce inflation

17.03.2022 - 13:05

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What’s new? State Duma deputy Sergei Mironov appealed to the government of the Russian Federation and the Central Bank with a proposal to legalize the digital ruble, Regnum reports. According to Mironov, digital rubles should not be withdrawn abroad and used by foreigners. The deputy offered not just to put the digital ruble into circulation, but to use it “in a targeted way for specific purposes, construction of housing, development of production and transport infrastructure.”

Regnum’s material

What else did Mironov offer? The deputy believes that the digital ruble should become a full-fledged investment and reserve currency for Russia. He stated that managed emissions will help develop the economy without increasing inflation.

Vladimir Gamza, Chairman of the Council of the Chamber of Commerce and Industry of the Russian Federation, also called for the early release of the digital ruble to circumvent Western sanctions.

What is the digital ruble? It is the third form of currency that will appear in addition to cash and non-cash money. The Central Bank of the Russian Federation is developing the project and the exchange rate will be linked to the value of the Russian ruble. The Central Bank has announced that the second stage of testing the digital ruble is scheduled for autumn 2022.

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