According to the Russian Bitcoin critic, the digital ruble will become very important for national settlements. Anatoly Aksakov is the Russian State Duma Committee chairman on Financial Markets.
Aksakov says the Russian digital currency is “the highest forms of money“. In fact, Aksakov expressed this opinion in an interview yesterday, the 29th of March 2021.
Amid the interview, the critic predicted that a digital ruble would be an important part of national settlements in about two or three years.
Bitcoin Bearish Anatoly Aksakov on Russian Digital Ruble
According to what Aksakov mentioned in the interview, the BoR (Bank of Russia) may complete their digital ruble prototype sooner. He also mentioned that the BoR is also planning to issue the development roadmap very soon.
At that point, the Bitcoin critic noted that digital rubble is “the highest form of money” in this era. In his opinion, digital rubble won’t be as risky as cryptocurrencies since the Central banks will be issuing it.
Aksakov also mentioned that Russia would, in time, stop the use of USD for settlements. He also pointed out that countries like India, Russia, and China have been working towards achieving a bigger presence in the world economy. However, he agrees that it’s not yet the right time to withdraw from using USD for settlements.
All About Bank of Russia and CBDC
The Central bank of Russia made its announcement last year about plans for CBDC. TheThe bank-issued followed it up with a consultation paper on developing a digital ruble last year’s October.
After the announcement, the Russian banks’ Association warned that a digital ruble might still be a target from fraud and other security compromises. But despite that, the bank still went ahead with its plans.
In January of 2021, the Bank’s deputy governor Alexey Zabotkin made a statement that the BoR will commence the development of the CBDC in 2022.