The Bank of Russia is concerned about the digital Ruble Proposal

[BrolySSJ 7899]

The concept of digital currencies is no stranger to us at the moment, and with everyday that the cryptocurrency industry is getting stronger and stronger there are more and more countries that are turning to these currencies as a way to try and benefit from the crypto world as well. However, in a recent article that was published, Bank of Russia is quite concerned abut the release of a digital Ruble. At the heart of these concerns is the degree to how centralized this digital currency will be. 

 

According to the Russian Standard Bank Chairman, the purpose of the digital ruble in this bank, will be to allow for them to act as an intermediary, however it must be noted that all the currency will not lie with them. If this was the case, it would leave no room for the other banks and this can be a major concern in the banking industry in Russia. 

 

At this point however, it is uncertain whether this digital Ruble will be an addition to eh current digital currencies or if there is any intention of possibly replacing the usual paper money that is being used. It is believed that more information will be available closer to the time, with the digital currency set to pilot towards the end of 2021. 

 

If the digital Ruble is released, it can be a major game changer for the financial system globally, and a major stepping stone for the countries to move over to the crypto world and its adoption. I personally am hoping that Russia can achieve this and this will likely put them as one of the forefront countries of the crypto adoption scheme. 

[Barbarellah 2225]

The world is changing and the time for cryptocurrencies has arrived, news like this is proof that those who were previously against this new system have little by little come to their senses and are now taking the steps for adoption. And it is an event that will not only benefit the Russian population but also all cryptocurrency users worldwide since it is a reason for other countries to copy the action and the prices of cryptocurrencies reach the value that we are wanting today.

[SuperCrypto 7193]

The Central Bank of Russia believes that the digital ruble project is promising for the Russian economy and is in line with the development of the digital economy. As the digital currency will be issued alongside the current money supply in Russia, and the digital ruble will be a new form of cash, and it can be used to pay salaries, that is, it will facilitate the payments of individuals and companies.

[pablomarwan 3082]

In fact, Russia is a truly creative country. The project that you are trying to submit is a successful project and you will do everything necessary for the success of this project. Perhaps not this year, but there will be news that says that this project has succeeded. Ripple also has value for many users and will be supported by major market makers.

[Amiami 1362]

I find it interesting that some countries launch or wish to launch their coins in a digital version, since honestly this could end the remittance markets as we know them today, anyone would have access to the cryptocurrency system and therefore there would be no problem with the sending of remittances around the world.

 

In addition, the ruble is currently very useful when making investments, due to the low commission and the versatility it offers.

[cryptovlek 2597]

I haven't read anything about a digital Ruble but there would be plans about it. These currencies will not be decentralized, this is not what any government want. Also they will not allow a private bank to make a national digital currency but it will be the central bank that creates these. A private bank can create another digital currency that will be used for their needs but not a fiat that will be government backed.

[Syedbesharat 5423]

Big countries like Russia when adopted Digital currency they will also Adopt  the block chain and crypto along the way. This is good news because before the Russian stand for crypto was not friendly and now the state bank of Russia is working over digital Ruble where the local and foreign market will gain New digital currency. The digital currency can become the alternative of fiat in the country and they will use it for foreign remittances as well. 

[Abdulrahman3 1252]

Certainly, the Russian digital ripple will be issued, not only that, but all countries will produce a digital currency like their main currency, because whoever will not do so will not have a place in the economic future, it is digital currencies, it is the future.

[annayks 2314]

I didn't know there were plans for so early testing of a Russian digital national currency. It seems most countries want to be prepared as China made the first move and keeps expanding with their digital national currency. It could be of great help is everything is planned better for a country and perhaps taxation could be more equally spread to the population and not only have the poor people paying the most, but not allow the higher classes get away with paying nothing.

[tienda 8776]

Countries like Russia and others Asia countries without the doubt they will the first who will adopt cryptocurrency totally. I think the cryptocurrency adoption is not far, after what happened because of the pandemic, the governments should be thinking 100 times that cryptocurrency is the solution in case of crisis.

[Maaz sultan 265]

Yes those who first get in this field they take high profits instead of you thought that at some time i come in the market make your decisions wisely to think for the future because we seen that the future of these crypto currencies i bright every time bitcoin makes his al time high .

[Jromz 2158]

Correct me if I'm wrong but I heard that Russia has been a little hostile to cryptocurrencies in general. Considering this I can understand concern exists regarding issuing a digital Ruble. However, I think that major players like Russia should be getting ready for the coming dominance of digital currencies, just like China has been doing. 

[Cleaner 2549]

23 hours ago, tienda said:

Countries like Russia and others Asia countries without the doubt they will the first who will adopt cryptocurrency totally. I think the cryptocurrency adoption is not far, after what happened because of the pandemic, the governments should be thinking 100 times that cryptocurrency is the solution in case of crisis.

Many countries have legalized cryptocurrencies.  Many other countries besides Russia have legalized bitcoin.  However, the countries that have legalized Bitcoin have improved a lot.  Crypto coins are a very good currency.  Anyone can benefit a lot from using crypto coins.  However, in the future, it is expected that all countries will legalize crypto coins.

[abohasnn9 2401]

My friend, a country like Great Russia, must appreciate the importance of the field of cryptocurrencies, enter it, and actually strengthen its economy. The method is easy to create a digital, encrypted electronic ruble currency and put it on the market and in transactions between other cryptocurrencies and create special cashiers for withdrawals from the digital ruble currency for the rest of the other cryptocurrencies. Thank you.

[Sykkuno 2887]

How will the currency not lie with the banks, basically what this means exactly? The digital currencies governments are making will have some features to be centralized as I read and the central banks will control transactions, this is worrying the banks? 

[godislovefll 1880]

I think it is a good option to replace the paper money and leave the free use so that it is listed in exchanges and it is the bearer who decides how much the currency will cost, so they are worried but have not acted, so a good option is create it in order to be used as a national currency.

[yulitzacalvete 1366]

I think it is a good boost for cryptocurrencies and here we can also see that we are already soon to see many more countries doing the same as Russia, seeing the great potential that it would be to create a cryptocurrency, they just aren't sure because they haven't tried to see the results, so we can only wait for good news in this case in Russia.

[Braulio Eurea 720]

Undoubtedly the launch of the digital ruble is a variant of fiat money, since it is the same official currency of Russia and is issued by the Russian Central Bank, it is not a cryptocurrency because although the cryptocurrency is digital, it is decentralized. But undoubtedly the digital ruble will compete with cryptocurrencies, but I think that in different markets, but it will be a financial and payment option in the world, it should be noted that digital currencies would have the advantage that they are legal tender in the countries that use them. issued and therefore their acceptance as a means of payment is mandatory in the issuing country.

[jappy 1129]

This undoubtedly worries the political leadership of the banking mafias because the current system that is implemented in the world is simple, those who benefit the most are the government entities and the banks.

[bogdanoff 3173]

Russia is a superpower and one of the top economies, any changes and upgrades in the financial system made are very important and have an impact worldwide. In any case a digital ruble will probably happen soon, because of the competition the digital yuan will bring. If this money will be accepted for trade in all Asia and beyond, it will need to have a competitor as it could be a threat to the currenty fiat currencies.

[yonkii 3205]

On 11/28/2020 at 1:33 PM, BrolySSJ said:

If this was the case, it would leave no room for the other banks and this can be a major concern in the banking industry in Russia. 

But how can the banks then work if all the digital ruble is owned and used by the Central bank only. Won't there be purchaces from the banks? It seems that this could be too centralized even for the banks.

I don't like to generalize a lot on this, but these digital currencies from central banks I think they should be run decentralized having of course banks too controlling their part and giving loans and investing, but it should be controlled and owned in the wallets of the users.

[Syriana 350]

It is really important to place the Russian ruble currency among the cryptocurrencies to become strong and comparable to the existing currencies, but with this there is some concern about this because the cryptocurrencies are volatile and currently unstable, so they are afraid of losing everything and this is normal, so it is difficult for a superpower like Russia to lose all its money

[mzk7736 1592]

I think showing concerns and worries about launching cryptocurrencies by the nation's is somewhat justified. Centralised cryptocurrencies are always on the Verge to give you a lot of loss or lot of profit to the franchise betting it that's why it's volatility has been always our matter of concern.

[percare 3192]

Imagine the banks being concerned for even more centralization of a fiat currency. It is already centralized enough and banks worry about Central Banks having even more control. What about us then, we will have absolutely no control in these wallets they will give us. It will be too difficult to feel you own this money and even worse than having to trust the banks.

[Fixfin 2569]

I think that if there is a CBDC in any country there won't be a lot of concerns from banks, but it will be many problems when it starts. The banks will have different ways to deal and may see this as a threat at  a point but since banks are running everything in close operations with their central bank, everything will work out for them.