Russia’s Finance Minister Announces Expansion of Digital Ruble Pilot Program
Russia’s digital ruble, a central bank digital currency (CBDC), will now be used for specific budget expenditures, Finance Minister Anton Siluanov revealed. In a recent parliamentary intervention, Siluanov discussed the new use of the digital ruble and its coordination with the Central Bank of Russia.
Siluanov stated that following a meeting with Central Bank Governor Elvira S. Nabiullina, it was agreed to launch a pilot program next year to test the use of the digital ruble for certain targeted expenditures.
Targeted Expenditures to be Funded with Digital Ruble
The finance minister highlighted the significance of using the digital ruble to reduce fees and to direct funds for specific purposes such as social payments, subsidies, and purchases. These developments follow his announcement that a pilot program will be implemented next year to define several types of targeted expenditures. The Russian government is also exploring the use of the digital ruble for international payments and settlements.
Hot Take
Anton Siluanov, the finance minister of Russia, has announced that the Central Bank of Russia will expand the pilot phase of the digital ruble next year to include the execution of still undefined targeted budget expenditures.
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