The Central Bank will not introduce restrictions on the use of the digital ruble

The Bank of Russia does not plan to introduce restrictions on the use of the digital ruble, said Alla Bakina, director of the regulator’s national payment system department.

“Restrictions on the types of spending digital rubles, that they can only be spent on a limited list of goods, also contradict the logic of the digital ruble, since this tool should be ubiquitous and convenient, so there are no restrictions, and it makes no sense to introduce them. We have no plans to install them,” she said (quote according to TASS).

According to her, if you think about any restrictions, this will become a colossal cost that will not bring any benefit.

The regulator began developing a digital ruble in 2020. In August of this year, a law was passed on its implementation as a third form of national currency on a par with cash and non-cash ones. According to the innovation, non-cash rubles are stored in bank accounts, and digital ones will be on the Central Bank platform.

The use of such a currency began on August 15, and 13 banks are participating in testing: VTB, Gazprombank, Alfa Bank, Promsvyazbank, Sovcombank, Rosbankbank Dom.RF“Sinara”, “Ingosstrakh bank”, bank “AK Bars“, Transcapitalbank, MTS Bank and Qiwi Bank. In 2024, 16 more credit institutions will join the pilot.

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