Very soon, a new means of payment will enter the Russian economic market – the national cryptocurrency, the digital ruble. At the moment, developments are still underway, and throughout 2022 it is planned to test a new cryptocurrency. A distinctive characteristic of the digital ruble in comparison with the traditional understanding of cryptocurrency is the lack of anonymity. Moreover, it is this property that is being raised to an advantage, since now all cash flows can be easily tracked. The digital ruble, according to the assurances of representatives of the Central Bank, is planned to be made a more universal means of making payments than cash. In addition, it will be possible to pay taxes, services and use the cryptoruble for transfers on a par with the regular fiat ruble.
The development of Russia’s own official cryptocurrency is expected to be completed by the end of 2021, and the entire next year will be devoted to testing it. Why is the law on cryptocurrency out now, but the national cryptocurrency has not yet been developed? It is planned that by the time the digital ruble is released into circulation, the legislative framework will be thoroughly prepared. The first versions of the law on digital financial assets have many shortcomings – both at the conceptual level and in terms of the use of cryptocurrencies, so the government has time to “polish” the bill before the appearance of the digital ruble.
The updated concept of the ruble in digital format will be presented in July, its development is being carried out in accordance with the requirements of the banking system – it is planned to make the digital ruble even more convenient than the fiat one, both for users and for the banking system.
The national cryptocurrency is being developed as an additional form of the state currency, which allows combining the characteristics of ordinary, tangible money and funds for non-cash payment. Initially, it is stipulated that with the help of this asset, it will be possible to conduct electronic payments in an online format and ordinary financial transactions that do not require Internet access. Thus, when the digital ruble enters the market, it can be actively used to pay for purchases, for trade and payment of duties and taxes, etc. – wherever you may need a cash payment. At the moment, taking into account the current provisions of the legislation, the digital ruble cannot be used in full, since it will not be possible to pay for anything. But the ruble is not yet ready, and as its development and testing progress, the law will probably be amended to allow full-fledged work with the digital ruble. However, experts suggest that other cryptocurrencies that are not issued by the Central Bank of the Russian Federation will not be given such freedom of action. It can already be said that the digital ruble is intended not only to replace fiat currencies, but also cryptographic financial assets. According to the calculations of representatives of the special committee dealing with state financial issues, the digital ruble will need at least 3 years to firmly establish itself on the Russian market and enter the usual life of citizens. Among its advantages, attention is focused on the main thing – this cryptocurrency is issued by the Central Bank of the state, in this regard, it is reliable and does not pose a risk to users. In this regard, the digital ruble is more stable than other cryptocurrencies, and in addition, its rate is also regulated by the state and is equal to the rate of the fiat ruble.