16:01, 13 October 2022 Page views 494 views

Russia’s Ministry of Finance to introduce digital ruble in 2023

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The Ministry of Finance schedules the pilot project for 2023, Deputy Finance Minister Alexey Moiseev said.

“The digital ruble is definitely to be used in the budgeting process. It will become a unique tool to control public funds spending, but it should be regulated first,” Moiseev said.

According to him, the Ministry of Finance and the Bank of Russia are now discussing how the digital ruble can be used in the budgeting process.

“The digital ruble will allow the state to better monitor the targeted spending of budget funds, make targeted payments, and streamline the process of returning unspent money,” the Central Bank said.

In mid-February, the first transfers in digital rubles were made in Russia. The Central Bank and other market participants started the system testing. The electronic version of the national currency differs from the usual cashless payment. According to experts, the digital ruble can help cope with illegal transactions and theft of money from citizens' accounts. Besides, it has a number of advantages compared to the use of common non-cash money.