Russian Bitcoin critic Anatoly Aksakov has declared the digital ruble “the highest form of money”. He is confident that in two or three years this currency will “enter into the calculations”. It should be noted that the country’s digital currency has not been launched yet!
The same ruble, but in digital form
According to the deputy, the transition to such an electronic currency will be a safe procedure.
Aksakov noted that the digital ruble represents a completely different quality of payments, since, unlike cryptocurrencies, the risks for holders of digital rubles are minimal, since the issuer is the Central Bank. So, according to Aksakov, this is actually the same ruble, but in digital form.
The Bank of Russia plans to start testing the digital ruble in 2022. For this, a prototype of the new currency platform will be presented by the end of this year. In the summer, the Central Bank will present an updated concept, which will be more convenient for banks.
The digital ruble will become available to all economic entities – citizens, businesses, financial market participants, and the state. Like cash and non-cash rubles, it will perform all three functions of money: a means of payment, a measure of value, and a store of value. All three forms of the Russian ruble will be absolutely equal.
However, many experts believe that when creating a digital ruble, a strong emphasis will be placed on collecting all kinds of commissions on transactions with it.
The future of Bitcoin and Digital Ruble
According to the Central Bank, digital rubles will be assigned special codes that will be stored in electronic wallets. The use of such money will be possible with the help of smartphones and other carriers. Even in the absence of the Internet and mobile communications. It will be able to make payments fast, easy and secure. The innovation will increase the competitiveness of the domestic economy, the regulator believes.
Critics believe government digital currencies could have a bright future if they become more convenient than conventional currencies.
In addition, according to bank heads, currencies such as Bitcoin doomed in the long term, since no state financial system will allow them to exist. He noted that the introduction of the digital currency of central banks is inevitable because the world is going digital.
Is the idea of a digital ruble so good?
Many users surprised by the words of Aksakov. Citizens believe: it may indicate that the ordinary Russian currency is suffering heavy losses and they want to abandon it.
And some commentators have suggested that the introduction of the digital ruble is required by the government. In order to control the circulation of money in the territory of the Russian Federation.
Thus, some people expressed confidence that the digital ruble would only temporarily create the illusion of positive changes against the background of innovations.
Nevertheless, many citizens support such an innovation, and believe that it will play into the hands of the Russian economy.
The authorities suggested that Russian citizens will get used to the new currency no later than 2025.