The Central Bank called the control of the FSB a guarantee of the security of the CBDC

Digital Ruble-min
Digital Ruble-min

The security of the national digital currency in the Russian Federation is provided at the “highest level”, since its development was carried out under constant control FSB. This was told by the Deputy Director of the Department of the National Payment System of the Central Bank Denis Polyakov.

According to him, the “severe” protection requirements will be applied to the digital ruble platform. He added that none of the existing CBDCs has such a security system.

“In order to protect users, a special software module has been created that encrypts all messages with the latest cryptographic protection,” Polyakov explained.

The representative of the Central Bank also noted that access to the digital ruble can be obtained through the application of any of the Russian banks.

However, the director NIFI Finance Ministry Vladimir Nazarov announced the impossibility of guaranteeing absolute protection against theft of the national digital currency. According to him, the main risk lies not in technology, but in people themselves.

“In terms of design [цифровой рубль] provides a greater degree of security for citizens than other technologies. Moreover, if the money remains on the platform, the opportunity to return to citizens what the scammers stole from them is much higher than if the situation happened with traditional currency, ”he said.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, added that the Russian CBDC is “colored money” that the Central Bank can track at any time.

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

Recall that Aksakov spoke about the possibility of programming operations with CBDC for specific purposes. The function can be used in the daily life of citizens, as well as when planning the state budget.

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