CandleFocus Bank of Russia: the digital ruble will not exert inflationary pressures
2024-10-03
Author: Content Editor
The Bank of Russia has clarified that the digital ruble, the country's central bank digital currency (CBDC), will not increase the amount of money in the economy and therefore will not cause inflationary pressures. The introduction of the digital ruble will create an additional payment infrastructure to improve the sustainability and reliability of the payment and monetary settlement system. The digital ruble will not have any impact on the functioning of the banking system or the implementation of monetary policy. Testing of the digital ruble began in August 2023, and Sberbank, Russia's largest bank, has confirmed its participation in the pilot program. The digital ruble is expected to be in circulation by July 2025.
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