Russia's Digital Ruble: 2030 Launch Plan & Key Benefits

The Russian Finance ministry and Bank of Russia released the Financial Market Development Strategy on 13th September. The strategy talks about the development of a digital Ruble by 2030, as one of the key digitization tasks. As of now, the strategy is open to public discussions until October 13th.
The Financial market development strategy elucidates following benefits of digital ruble and measures :

• The introduction of a digital national fiat currency is primarily aimed at preventing the growing usage of cryptocurrencies or money surrogates, a term used by Russian regulators.
  
• The digital Ruble is expected to pave the way for newer financial instruments. It will boost the availability of banking services and bring down transaction costs.
  
• The digital ruble will also help in better management of financial crises and inflation.
  
• Digital ruble will be the third form of money issued by the Central Bank, the first two being the Russian ruble and Mir payment system adopted in 2017.
  
• The international standards set by the Committee on Payments and Market infrastructure and the International Organization of Securities Commissions and Financial stability board will be followed to safeguard consumer interests..

The Russian Finance Ministry reasons that cryptocurrencies encourage money laundering and impede the country’s macroeconomic policies. The Financial Market Development Strategy of Russia comes soon after the Bureau of International Settlements (BIS) Head urged central banks across the world to expedite the process of developing their CBDCs to compete with private digital currencies and ensure security of the users.
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