Digital ruble is ‘highest form of money’, Russian Bitcoin critic says

The chairman of the Duma’s Financial Markets Committee, Anatoly Aksakov, believes that the country’s electronic currency, which has yet to be launched, is the highest form of money.

In an interview with state media RT on Monday, Aksakov expressed optimism about the imminent launch of a central bank digital currency in Russia, predicting that the digital ruble will become an integral part of national regulations within two to three years.

Aksakov said the Bank of Russia plans to complete the prototype of the digital ruble by the end of 2020, and plans to publish a development roadmap in the near future. The digital ruble is currently the highest form of currency, he said, noting that it is essentially the same ruble, but in digital form.

Aksakov, a major critic of cryptocurrencies such as bitcoin (BTC), pointed out that the digital ruble poses minimal risk compared to cryptocurrencies because it is issued by the central bank.

Aksakov also said that Russia will gradually switch from the US dollar to the settlements in the near future. He noted that a number of countries, such as China, India and Russia, are taking steps to expand their presence in the global economy. However, according to Aksakov, at this stage it is too early for a total withdrawal from the dollar.

The Bank of Russia officially announced its plans for the end of 2020 and published a consultation paper on the development of the digital ruble last October. Despite a warning from the Russian Bankers Association about the fraud and security risks of the proposed digital ruble models in January, Bank of Russia Deputy Governor Alexei Zabotkin said the bank plans to begin a trial of CBDC in early 2022.

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