Russian Central Bank Governor: CBDC to Become Part of Daily Life in 5-7 Years

IconCryptoNewsTerminal Staff01 Aug, 2024

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Russian Central Bank Governor: CBDC to Become Part of Daily Life in 5-7 Years

Elvira Nabiullina, the Governor of the Bank of Russia, recently stated in an interview that "by 2031, the CBDC will become part of everyday life." She elaborated, "CBDC offers significant advantages for payments," adding that "the digital ruble features benefits such as free or cheap transaction fees, and these advantages will facilitate the adoption of CBDC." The introduction of a central bank digital currency (CBDC) in Russia has been highly anticipated, and Nabiullina's statement provides a clear timeline for its implementation. The digital ruble is expected to revolutionize the financial landscape in Russia, offering faster, cheaper, and more secure transactions. The Bank of Russia has been actively working on developing the digital ruble since 2020, and it has already conducted several pilot projects. The central bank is expected to launch the digital ruble for public use in the coming years, and it is likely to gain widespread adoption due to its numerous advantages.

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