Russian Finance Minister Anton Siluanov spoke about the idea of fees tied to a digital ruble, expressing openness during a conversation with blogger Ksenia Paderina, as reported by TASS. He indicated a personal interest in participating in experiments of this kind, stressing that the critical factor would be broad acceptance and practical utility. The minister highlighted that the path to quick exchanges with traditional rubles could be supported by digital currency mechanisms if they gain traction and reliability in everyday transactions.
Siluanov noted that commercial banks would be responsible for processing ruble-to-digital-ruble exchanges. This arrangement would anchor the new currency within the existing financial infrastructure, relying on established banking channels to facilitate conversion and settlement while maintaining oversight and security standards expected in the current monetary system.
In earlier statements, Siluanov mentioned that there were no current plans to extend property rights or social tax relief to those who operate as self-employed. He also pointed out that tax deductions could still be available for individual entrepreneurs who contribute through personal income tax, outlining a framework that keeps taxation aligned with existing obligations while potentially offering room for targeted support where appropriate.
Looking ahead, Siluanov clarified that there are no imminent plans to convert the salaries of state employees into digital rubles. However, he suggested that the question deserves careful consideration, recognizing that the digital ruble could eventually play a role in international trade through agreements involving non-traditional settlement currencies. He noted that a number of countries are already issuing their own digital currencies, signaling a broader global trend toward digitized forms of money that could interact with established reserve currencies in various ways.
These remarks underscore a careful balance between exploring innovative monetary tools and maintaining stability and predictability within Russia’s financial system. The dialogue around the digital ruble centers on understanding how it could complement the traditional ruble, support faster and cheaper cross-border transactions, and fit within the country’s broader strategy for digitalization of government services and financial services. While experimentation remains on the table, policy makers continue to emphasize the importance of rigorous evaluation, consumer protection, security, and compatibility with existing laws and regulatory frameworks. The ongoing discussion also reflects a wider international conversation about central bank digital currencies, their governance, interoperability, and potential implications for monetary sovereignty and financial inclusion across economies of varying development levels. In this evolving landscape, stakeholders are watching closely to see how digital money initiatives unfold in markets like Canada and the United States, as well as in other major economies that are actively experimenting with digital currencies and related financial innovations, ensuring that any practical deployments are well-grounded in robust risk assessment and clear user benefits. Attribution: TASS report on remarks by Anton Siluanov.