17:10, 16 September 2022 Page views 217 views

Russia’s financial market to develop based on digital ruble

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The Central Bank believes that the Russian financial market should develop primarily through the digital ruble, said Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of the Russian Federation, during the online lesson “How the financial market is organized.”

“When we talk about the digital ruble, its issue is within the competence of the Central Bank. All the money in our country, all the rubles are issued by the Central Bank, we are the issuing center,” he said.

Speaking about private money and cryptocurrencies, Chistyukhin noted that almost any entity can be their issuer.

“To put it briefly, we [the Central Bank] believe that our financial market should develop, including the aspect of protecting consumers of financial services, primarily through the promotion of such a form of digital money as the digital ruble,” Chistyukhin emphasized. “As regards other cryptocurrencies, we are very skeptical, we see a huge number of risks that consumers may face.”