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26 October 2020

Russia's Proposed Digital Ruble Could Track Government Spending - CoinDesk

Russia's Proposed Digital Ruble Could Track Government Spending - CoinDesk


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The report proposed a central bank digital currency (CBDC) that will complement other forms of money, namely cash and bank accounts.

Last summer, the Bank of Russia’s head, Elvira Nabiullina, said the regulator will not issue its own digital currency any time soon, but was studying the question.

Although it won’t be possible to use the digital ruble anonymously, unlike paper cash or decentralized cryptocurrencies, “data about transactions with the digital ruble will contain more limited information than the existing payment systems,” the report said

The users of the digital ruble will be go through KYC, or know-your-customer, procedures on the Bank of Russia’s tech platform

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