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Russia to introduce its own Digital Ruble in 2024

Russia has decided to introduce its own Digital Ruble in 2024, when the elections are bound to be held.

With other countries contemplating introducing their Digital currencies, Russia has announced that it will introduce its own in 2024.

The Central Bank of Russia has published a draft proposal regarding the policy parameters for the next three years.

The year 2024 is said to be significant as the country will hold Presidential elections.

And, it is anticipated that the current President Vladimir Putin will again come to power.

According to the CBR, its CBDC would allow the use of so-called “targeted” technology, which would allow the programming of specific digital currencies to only to be used to pay for specific goods and services.

By 2024, the central bank expects to finish testing customer-to-customer, customer-to-business, and business-to-customer settlements using “actual money.”

Moscow’s financial watchdog Rosfinmonitoring announced last month that it was using software to track cryptocurrency transactions and wanted to expand its authority as the nation enacted regulations against “cryptomania.”

Russia’s stance on cryptocurrency

As of now, Russia’s crypto sector is booming. Government officials have estimated that the country’s cryptocurrency market is worth more than $214 billion.

According to a recent report by Chainalysis, Russia will be the second-largest market for cryptocurrency adoption in 2020.

TrippleA, a research firm located in Singapore, estimates that 17.4 million Russians would have cryptocurrency possessions at the start of the year. The figure represents 12% of the total population of the nation.

Conservatives have expressed concern that the CBDC could endanger the viability of the Russian banking sector.

However, CBR does not foresee a substantial outflow of funds from bank accounts because conventional financial institutions draw capital through interest payments and incentive schemes.

It will be interesting to see Russia adopting a digital currency.

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