Digital Ruble to Seep into Russian Daily Life in 5-7 Years, Says Central Bank Governor

IconCryptoNewsTerminal Staff01 Aug, 2024

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Digital Ruble to Seep into Russian Daily Life in 5-7 Years, Says Central Bank Governor

Elvira Nabiullina, the Governor of the Bank of Russia, stated during 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."
Central Bank Digital Currencies (CBDCs) have been a hot topic in the financial world in recent years, with many countries exploring the possibility of issuing their own digital currencies. Russia is one of the countries that has been at the forefront of CBDC development, and the Bank of Russia has been working on a digital ruble for several years. The digital ruble is expected to offer a number of advantages over traditional fiat currency, including faster and cheaper transactions, increased security, and greater transparency. The Bank of Russia believes that the digital ruble will eventually become a mainstream payment method in Russia, and it is working to ensure that the digital ruble is ready for widespread adoption by 2031.

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