In the midst of the war that has been unleashed against Ukraine and the serious economic consequences that this fact has represented for Russia, the Central Bank of that country continues to advance in the development of its central bank digital currency (CBDC) or digital ruble, while continues to oppose the regulation of the use of bitcoin (BTC).
For Olga Skorobogatova, first deputy governor of the Bank of Russia, it is “really necessary” that the digital ruble be fully implemented in the coming years.
The Russian official believes that, if the tests are accelerated and reforms are made to some laws, it could give way to the use of the digital ruble in a shorter termaccording to reported Russian news portal RBC.
Skorobogatova expects to start implement Russian digital currency for the payment of goods and services between September and December of this year.
Additionally, during a meeting with the State Duma, Elvira Nabiullina, president of the Bank of Russia, made it known that seven banks will join the tests with the digital ruble.
“As of January 2022 we begin to do tests with the banks. Now five banks are participating in the tests, seven more are completing improvements and will join the tests in the coming months, “explained the director of the financial body.
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The rush to carry out the digital ruble project seems to be related to the damage caused by the sanctions imposed by the United States and Europe on Russia, after its attack on Ukraine. In fact, Nabiullina declared this April 18 that Russian reserves are running out and the real crisis of the Russian economy will break out between the second and third quarters of this year.
Part of the sanctions against Russia were aimed at preventing it from using bitcoin and cryptocurrencies. as a vehicle to evade international punishment. The most recent with this objective were born within the European Union, as reported by CriptoNoticias.
Although from the Bank of Russia they have made it clear that they do not want to be linked to cryptocurrencies such as bitcoin. In fact, this interest in accelerating the digital ruble could be linked to its opposition to the regulation project being carried out by the Ministry of Finance.
Bank of Russia does not see bitcoin viable to avoid sanctions
In early April, the Bank of Russia rejected the idea of using bitcoin and other cryptocurrencies to circumvent sanctions, even considering it impossible.
From the financial entity they believe that transfers of large amounts of money in cryptocurrencies by Russian companies would not be possible. This, taking into account the surveillance measures that have been established by the countries of the European Union, the United States, the United Kingdom, Japan and Singapore on the sector, precisely to prevent Russians from leaning on cryptocurrenciesas reported by CriptoNoticias.
The agency also indicated that many bitcoin exchanges apply restrictions against Russian investors, blocking their access to funds. As is the case with Coinbase, which blocked more than 25,000 addresses related to Russian persons or entities that, in the company’s opinion, are involved in alleged illicit activities.
On the other hand, there is an obstacle that does not allow the adoption of bitcoin and that is the Law of Digital Financial Assets, which prohibits the use of cryptocurrencies as a means of payment for goods and services. The Central Bank considers it “unreasonable” to change this rule.
However, these arguments are not enough for parliamentarian Anton Gorelkin, who is supporter of the regulated use of cryptocurrencies in Russia. In the midst of the conflict that has broken out with Ukraine, he believes that bitcoin can be a salvation for citizens affected by the economic blockade.