The State Duma of Russia has called the risks of the introduction of the digital ruble

The representatives of the State Duma Committee recommended that the Central Bank investigate this topic

17.11.2021 - 10:00

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What’s new? The State Duma Committee on Financial Market has concluded that the digital ruble poses certain risks to the Russian financial sector. The department prepared the document in response to the Bank of Russia's basic “Monetary Policy Guidelines” for 2024. They contain, among other things, the prospects for the introduction of the digital ruble.

Link to the State Duma website

What is the Committee's view? According to the representatives of the department, the new virtual currency will increase competition in the banking sector. It will lead to lower profits for financial institutions and a stronger role for the government in the industry. Also, the introduction of the digital ruble carries information security risks.

The representatives of the Committee recommended the Bank of Russia to investigate these issues. Overall, the department acknowledged that the virtual currency model provides fast, easy, and secure payments.

What had happened before? As was mentioned earlier this week, the head of the Bank of Russia, Elvira Nabiullina, stated that the digital ruble will only be introduced if a number of conditions are met.

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