Understanding Russia’s Digital Ruble: What It Means for Cash, Payments, and Regulation

Digital on the website of the Central Bank of Russia ruble It will not replace cash that will remain in circulation.
“Digital rubles are issued in addition to existing forms. The choice of which form to use will be left to citizens,” the regulator said. In addition, the financial structure explained that the digital ruble will not have an expiration date, and the list of goods that can be paid with it is not limited. In addition, the Central Bank noted that there will not be a separate exchange rate for foreign currencies.
Also, it was clarified that the digital ruble and cryptocurrency are fundamentally different things – the cryptocurrency has no regulator, and the digital ruble is a national payment instrument issued by the Bank of Russia, it can also be exchanged for cash and non-cash money on a one-to-one basis.
Elvira Nabiullina, ex-president of the Central Bank of the Russian Federation statedIt was reported that the Central Bank of Russia will continue to work on the return of “frozen” reserves in European and American currencies.