🟨 The Central Bank of Russia believes that the introduction of the digital ruble will not lead to an increase in the amount of fiat currency. The structure of the money supply will change, but its total volume will remain the same. The issuance of digital rubles is expected to reduce the amount of funds held in bank accounts.
🟨 Starting next year, both individuals and legal entities will be able to conduct transactions with the central bank’s digital currency (CBDC) through mobile apps, online banking, and potentially even in situations with limited internet access.
🟨 The digital ruble will significantly reduce the cost of processing money transfers, while also improving the competitiveness and flexibility of the Russian economy. The regulator clarified that the introduction of the digital ruble will not affect the fundamental principles of the domestic banking system or the implementation of monetary policy. Widespread adoption of the state-backed cryptocurrency is expected to begin in 2025.