Ministry of Finance: The digital ruble will reduce dependence on the dollar …

Ministry of Finance: Digital ruble will reduce dependence on the dollar and susceptibility to sanctions

The RF Ministry of Finance and the Bank of Russia have started studying international experience in the development of national digital currencies, writes Izvestia. This preceded by the publication of the Central Bank of the report on theme digital ruble last week.

The press service of the Ministry of Finance called the “possible advantages” of the digital ruble. It is assumed that is he will reduce transactional costs, remove part of the burden from banks and payment systems, expand opportunities making cross-border payments, reduce dependence from dollar, and with it the sanctions risks.

Ministry of Finance: The digital ruble will reduce dependence on the dollar ...

At the same time, the department stressed that digital currencies have disadvantages, which needs to be worked out, namely: the absence securing, high volatility and illegal use.

“In this regard for avoiding possible destabilization of the economy and growth of social tension, the digital ruble should be provided, and transactions with him use should be controlled “, – stated in the press service of the department.

Like the Bank of Russia, the Ministry of Finance notes that the final decision about creating instrument until received not It was. If the plan is implemented, it will be based on may the recommendations of the Financial Action Task Force on Money Laundering (FATF), reported in the department.

Earlier it became known that several commercial banks expressed interest in testing the digital ruble. The first tests are expected to pass already in the first half of 2021 of the year.