MOSCOW, 11 Feb – RIA Novosti. The introduction of the digital ruble can increase the competitiveness of the Russian currency in general in international settlements, believes Ivan Chebeskov, director of the financial policy department of the Ministry of Finance.
In October last year, the Central Bank of the Russian Federation announced that it was assessing the possibility of issuing a digital ruble. It can become an additional form of money along with cash and non-cash and will require the creation of an additional payment infrastructure, the regulator noted.
“We see from the example of China that they want to use their digital currency to become a tool for international settlements, to strengthen and strengthen the yuan in global competition. And I think we should also take a closer look at this aspect, because, in fact, the digital ruble will compete not so much with ordinary rubles, in my opinion, as it can compete with other digital currencies of the world, “Chebeskov said at an expanded meeting of the RSPP commission on banks and banking.
“And if we make the digital ruble more attractive in relation to other digital currencies, give non-residents, let our EAEU partners, other partners, easier access and the ability to receive digital rubles, then perhaps we can thus increase competition ruble in international settlements in general, “- continued the head of the department.
He noted that at the moment it is very difficult to fully understand all the potential advantages of introducing the digital ruble, since such an instrument is capable of radically changing the entire financial system.
“With the right architecture, of course, the digital ruble can open up an ocean of opportunities in terms of fintech, in terms of improving efficiency, transparency of the system, and for the Ministry of Finance, including in terms of the budget process and control over the targeted spending of funds,” he stressed Chebeskov.