In a rather amusing twist of fate, a Russian lawmaker has taken it upon himself to champion the digital ruble as the ultimate tool for businesses seeking to sidestep those pesky sanctions. Who knew that a currency could be so… resourceful?
Artem Kiryanov, the deputy chairman of the State Duma’s economic policy committee, has declared that this digital marvel will be a boon for entrepreneurs, particularly those who find themselves in the unfortunate position of being affected by sanctions. It’s almost as if he believes the digital ruble is a magic wand for financial woes!
“Using the digital ruble will primarily help entrepreneurs dealing with cross-border economic activities. It will ease operations amid sanctions.”
— Artem Kiryanov
He went on to assure us that the digital ruble will bring about a new era of transparency in government purchases. Because, you know, nothing says “trustworthy” like a digital currency in a country known for its, shall we say, creative accounting practices.
“Everything that happens within the framework of state and municipal procurement should go through the digital ruble. It will enhance financial discipline and prevent fraud or unauthorized fund transfers.”
— Artem Kiryanov
As if that weren’t enough, Russia has been piloting this central bank digital currency since August 2023, with grand plans for a full rollout by mid-2025. Central bank governor Elvira Nabiullina has even hinted that if all goes well, we might see a “mass implementation” by July. But let’s not hold our breath; transitions in Russia often take longer than a winter’s night.
In a consultation paper from October 2020, the central bank reassured citizens that this shiny new CBDC would complement, not replace, the good old cash and non-cash rubles. Meanwhile, in China, they’re already paying civil servants with their own digital yuan, proving that while Russia is still warming up, others are already sprinting ahead.
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2025-01-27 11:37