Bank AI

Source: Larisa/Adobe 
The launch of the <a href="https://cryptonews.com/news/crypto-exchanges-including-okx-bybit-bitstamp-working-with-russian-arbitrators-on-bankruptcy-cases.htm">Russian</a> digital ruble will trigger the nation’s “largest monetary reforms since the 1990s,” a media report has claimed. 
Per <a href="https://progorod33.ru/news/82449" target="_blank" rel="noopener">ProGorod</a>, Russia’s CBDC project will be the biggest transformative event in the nation’s economic history since the collapse of the Soviet Union. 
The digital ruble “real-world” pilot began in August this year <a href="https://cryptonews.com/news/600-russians-trial-cbdc-next-week-digital-ruble-pilot-begins.htm">in 11 cities nationwide</a>, including Moscow and <a href="https://cryptonews.com/news/russian-beauty-salon-becomes-first-process-cbdc-payment.htm">Yekaterinburg</a>. 
But the Central Bank has grand plans for rapid expansion in 2024, with at least 16 more banks joining the pilot. 
The Ministry of Finance has announced that the government also wants to start using the coin next year. 
The ministry additionally suggested Moscow is targetting a nationwide rollout no later than 2025. 
This claim is somewhat bolder than the Central Bank’s original timeline of a “2025 to 207 rollout.” 
 Russians Will Be Able to ‘Withdraw’ Digital Rubles as Cash at ATMs 
A major Russian bank has created a solution that lets digital ruble holders perform real-time “withdrawal”-type cash conversions at ATMs.<a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a> <a href="https://twitter.com/hashtag/Russia?src=hash&amp;ref_src=twsrc%5Etfw">#Russia</a> <a href="https://twitter.com/hashtag/news?src=hash&amp;ref_src=twsrc%5Etfw">#news</a><a href="https://t.co/ePATMLiLmB">https://t.co/ePATMLiLmB</a> 
— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1722546280772035039?ref_src=twsrc%5Etfw">November 9, 2023</a> 
<h2 id="marked-digital-rubles-to-debut-in-2024">‘Marked Digital Rubles’ to Debut in 2024?</h2> 
 Finance minister Anton Siluanov said Moscow wants to use the coin to make “social payments” and pay “subsidies.” 
However, the ministry appears keen to push ahead with plans to “color” or “mark” some digital RUB coins. 
The plan, first mooted by the Central Bank in September, could allow the bank and others to “track the use of funds allocated for specific purposes.” 
Previously, the bank’s Deputy Governor said that <a href="https://cryptonews.com/news/russian-central-bank-may-mark-cbdc-tokens-track-digital-ruble-transactions.htm">“color-coded” digital rubles</a> could be used to issue “state budget funds.” 
Siluanov suggested that the ministry would begin the year by piloting a range of Treasury payments, possibly including subsidy transactions. 
The ministry may also seek to experiment with “marked” digital ruble-powered child benefits and pensions in 2024. 
The media outlet explained that a practical “example,” of CBDC “coloring” could come in the child benefits sphere. 
ProGorod wrote: 
“[Colored digital rubles] could be used to ensure child benefit payments are used as intended, and not to pay off loans and fines.” 
Late last month, the government indicated that it was <a href="https://cryptonews.com/news/russian-bailiffs-will-get-more-powers-to-seize-cbdc-crypto.htm">preparing to give Russian bailiffs more power to seize CBDC coins and cryptoassets</a>. 
However, some lawmakers are not content with the Central Bank’s digital ruble plans. 
A group of MPs <a href="https://cryptonews.com/news/russian-lawmakers-urge-central-bank-to-rethink-digital-ruble-plans.htm">wants to ditch the current retail model in favor of a wholesale CBDC</a>.

Digital Ruble Will Spark Russia’s ‘Biggest Monetary Reforms Since the 1990s’

Table of Contents

Cryptonews.com

Other articles published on Dec 4, 2023

Quant Unveils Revolutionary Zapier Integration for Streamlined Blockchain Connectivity

November crypto VC funding soars to $1.2b, surpassing yearly average

Online activities and mental health: No clear connection, study shows

Crypto World Sees Upsurge: Bitcoin Revival Ignites Altcoin Rally

US Space Force Officer Lays Down Bitcoin Proposal

XRP Price Faces Momentum Challenges Amid Hints of Bull Run

Join our free newsletter for daily crypto updates!