Digital Ruble and Sanctions: Expert Analyzes Russia's Digital Currency Plan to Evade Western Control
Author: Content Editor
The digital ruble, Russia's central bank digital currency (CBDC), has the potential to reshape Russia's financial landscape amid Western sanctions, according to a paper published by the Carnegie Russia Eurasia Center. The CBDC could provide alternatives to international payment systems, such as SWIFT, and facilitate trade with countries like China. However, challenges remain in terms of public distrust, concerns over surveillance, and the government's potential control over private spending. Russia lags behind China in CBDC development and risks deepening its dependence on Chinese technology and infrastructure. The success of the digital ruble will require overcoming significant domestic and international obstacles.