Russia’s digital ruble trials started in July 2023 and it will soon be possible for citizens to request to receive their pension and other social payments in digital rubles. A report on the blogging platform DZen stoked fears that receiving pensions and state salaries in the central bank digital currency (CBDC) will become compulsory. In contrast, the head of the central bank emphasized that the use of the CBDC is voluntary. In related news, the first ATM-based digital ruble withdrawal has launched.
On Dzen, the blogger wrote, “The state will know everything about everyone. But this is not the most important thing. And the most important thing here is that whoever has total control over money also has the opportunity to disconnect any person from the system.”
Regarding disconnecting people, the Bank of Russia was upfront in the early days that it would potentially disconnect people who misbehave, such as fraudsters and tax evaders.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
