Russia Expands Digital Ruble Pilot to Targeted Budget Use
Finance Minister Anton Siluanov has revealed that the Central Bank of Russia plans to extend the digital ruble’s pilot phase next year to encompass specific targeted budget expenditures.
During a recent session at the upper house of the Russian Parliament, Siluanov outlined that the digital ruble, Russia’s central bank digital currency (CBDC), will play a role in settling specific types of budgetary outlays.Collaborating with the Central Bank of Russia, the finance minister emphasized the strategic use of the digital ruble in facilitating payments with specific purposes, such as social payments and subsidies.
Olga Skorobogatova, the First Deputy Chairman of the Central Bank of Russia, indicated in earlier statements made in July that the digital ruble would not employ for pensions or citizen benefits, diverging from this announcement. Siluanov affirmed the upcoming pilot program would determine specific expenditure categories, working in conjunction with the Treasury and the Central Bank. Beyond domestic applications, the Russian government is exploring the digital ruble’s potential for international payments, with plans to develop a CBDC settlements network in collaboration with the UAE.
Clever Robot News Desk 23rd November 2023
Related Article
