Siluanov saw compliance with the trends ...

Siluanov saw compliance with trends in the development of the digital ruble

  • The head of the Ministry of Finance believes that the digital ruble will improve the transparency of financial transactions

  • With the advent of digital currency, they promise to reduce transaction costs

  • The Ministry of Finance continues to slow down the development of the domestic cryptocurrency market

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Finance Minister Anton Siluanov believes that developing the digital ruble, Russia is in trend with other countries

Siluanov saw compliance with the trends ...

The head of the Ministry of Finance of the Russian Federation, Anton Siluanov, saw several advantages at once from the introduction of the digital ruble into the domestic economy, RIA Novosti writes. According to Siluanov, the very fact that Russia is working on its own digital currency is already a plus, since in this way the country “is in a trend with other countries.”.

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Also, the head of the Ministry of Finance believes that with the advent of the digital national currency, labor costs will decrease:

“… the digital ruble reduces transaction costs, labor costs, and it will be much cheaper to carry out settlements within the digital ruble”.

According to Siluanov, the digital ruble will also play on the transparency of financial transactions, taking into account the “transparency” of the currency. Along with the digitalization of the economy, the head of the Ministry of Finance expressed hope for an increase in investment using virtual currency:

“The fact that… it will be easier to carry out international transactions is unambiguous. We are also interested in this. And if it becomes easier to make investments through the digital ruble, we will only be interested in this “.

Trend direction

Siluanov saw compliance with the trends ...

Siluanov also hopes that the Central Bank will continue to actively cooperate with the government of the country in the direction of digitizing the ruble.

“And let’s see how this topic develops further. But it seems to me that we need to be, I will repeat myself, in a trend in this direction, “he stressed..

At the same time, the Ministry of Finance is selective in defining international trends. So, for example, earlier the ministry proposed prohibitive measures for the mining of cryptocurrencies, within the framework of which domestic miners could not receive cryptocurrency for their activities. At the end of September, the Ministry of Finance proposed to punish with a criminal article for not declaring a cryptocurrency wallet with a turnover of over 1 million rubles per year..

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The domestic blockchain community does not yet see the expediency of Russia to rush to create a digital ruble. Yuri Pripachkin, President of the Russian Association of Cryptocurrencies and Blockchain (RACIB), even considers the Central Bank’s venture a “senseless action”, noting that the adopted law “On digital financial assets” is one-sided, since it does not define the regulation of the entire ecosystem.

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