The Ministry of Finance announced its participation in the introduction of the digital ruble on the territory of the Russian Federation, it is set to begin in the first half of 2023. The revamped currency will be used in government-related payments. The Deputy Minister of Finance Alexei Moiseev told reporters that the Ministry is already working with the Central Bank to iron out the details.
This innovation will give the government tools to monitor the use of government funding, make targeted payments and to optimise the return of unused funds.
Representatives of the Central Bank stated that the pilot program, which will aim to attract active users of digital funds, would begin in spring of 2023. This will be followed by implementation of various types of state transactions and operations, which will be assisted by the Ministry of Finance and the Federal Treasury of the Russian Federation.
Evgeny Koval, the head of the technological innovation center at Gazprombank, says that the updated currency will make it easier to track the spending of government funds due to digital marking. Furthermore, this will allow for the creation of smart contracts to carry out similar deals.