Aksakov spoke about the programmability of the digital ruble


During transactions with the digital ruble, it will be possible to set specific goals for using the asset. This was stated by Anatoly Aksakov, chairman of the Duma Committee on Financial Markets, in an interview with Parliamentary Newspaper.

According to him, this approach can be used in everyday life, for example, to provide a child with money for breakfast at school, in financing public institutions or in commercial transactions.

“Budget money will be used purposefully for the implementation of the programs for which they were intended. […] The same can happen in the interaction of commercial organizations, when one company transfers money to another for the supply of goods or the performance of some specific work. The money can only be used for these purposes,” Aksakov explained.

The security of the digital ruble is guaranteed by the regulator represented by the Bank of Russia. The agency will also cooperate with Rosfinmontoring and the Federal Security Service to track “unseemly operations,” the parliamentarian specified.

On July 11, the State Duma approved the law on the implementation of CBDC. The document immediately passed the second and third readings. The main provisions will come into force on August 1, 2023.

The deputy noted that at the initial stages of testing, they will probably introduce limits on operations with the national digital currency. The first deals could happen as early as August, he added.

According to Aksakov, the Central Bank was ready for cross-border transactions with the digital ruble last year, but the relevant laws have not yet been adopted for this.

“In the document, we prescribed the possibility of using the digital ruble for exchange for officially recognized digital currencies of other countries. For example, on the digital yuan, which appeared during the Beijing Olympiad,” the official said.

According to Aksakov, the technology will help fight fraudsters, because of which Russians lost more than ₽14 billion last year.

Earlier, the State Duma of the Russian Federation adopted a document on transactions with the digital ruble. In particular, it regulates the procedure for concluding and terminating an agreement on the use of CBDC, and also introduces rules for the inheritance of electronic money.

Recall that in July, Deputy Chairman of the Central Bank Olga Skorobogatova announced the approximate timing of the launch of the technology. Citizens will be able to use the national digital currency in 2025-2027.

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