Anatoly Aksakov, the leader of Russia’s State Duma Banking Committee, believes the digital ruble will see the role of banks “fade in the future with the development of blockchain,” according to state news agency RIA. Other news outlets have described him as the author of the central bank digital currency (CBDC) laws. Legislation delayed the launch of the digital ruble pilot, which started last month.
Currently, legislation restricts the role of the digital ruble. So bank deposits cannot be denominated in digital rubles, nor can there be loans. The central bank set spending limits of 200,000 rubles per day ($2,043). And the top up is restricted to 300,000 rubles per month ($3,064).
“My personal opinion is that after some time we will make a decision that deposits can be placed at the Central Bank and loans can be issued, since life requires it. Because it will be faster and, perhaps, more efficient,” said Aksakov.
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