Vladimir Putin said it was time for Russia to create the environment necessary for the adoption of digital assets and CBDCs. He also gave details on testing a digital ruble.
Vladimir Putin Wants to Adopte CBDC
Putin said the government must make efforts to integrate digital assets and CBDCs into the Russian economy, the TASS news agency reported. At a meeting on economic issues, he also said there was a need to increase the adoption of digital assets both in his country and abroad,
It is important for Russia to use the right moment to timely create a legal and regulatory framework, develop infrastructure, create conditions for the circulation of digital assets both within the country and in relations with foreign partners.
– said the Russian President.
Putin’s statement indicates his positive stance on the use of digital assets in the economy. However, one should not be fooled by appearances. The Bank of Russia is against the use of stablecoins in payments, because it would pose “serious risks to prices and financial stability”. When the president of the country speaks of “digital assets”, he means CBDC, not cryptocurrencies.
Now it is time to take the next step, i.e. move to a broader, full-scale implementation of the digital ruble in the economy.
– he emphasized further.
Putin also provided some hard data. As part of the ongoing CBDC pilot, more than 30,000 transactions in digital rubles have already been made. Of these, more than 7,000 are payments for goods and services.
The division into a world with and without CBDC
We see an interesting phenomenon. The world is beginning to divide into countries with and without CBDC. Russia, China, and Iran are working on digital versions of their currencies. The digital euro is to become the currency of the European Union. At the same time, the largest power in the Western world – the USA – is not working on CBDC. The digital dollar has become a topic of political battles there. The Republican Party is against its issuance. And despite the fact that the Fed is not working on such a project.