President Vladimir Putin declared it was time for Russia to create the environment needed to increase the adoption of digital assets and the Russian CBDC, the digital ruble, as part of the country’s economic tissue. He also reported that over 30,000 transactions have been made in the pilot test phase of the digital ruble, with over 7,000 constituting payments for goods and services.
Putin States Efforts Must Be Made to Integrate Digital Assets and Digital Ruble Into the Russian Economy
Vladimir Putin has called to ramp up efforts to create a climate where digital assets, including the Russian central bank digital currency (CBDC), the digital ruble, might thrive. At a meeting dealing with economic issues, the Russian president stated that there is a need to increase the adoption of digital assets both inside and outside the country,
According to TASS, the official Russian news agency, Putin stated:
It is important for Russia to ‘seize the moment’, as they say, to create the legal framework and regulation in a timely manner, to develop infrastructure, to create conditions for the circulation of digital assets, both within the country and in relations with foreign partners.
Putin’s statements hint at a positive position on using digital assets domestically and abroad. While the circulation and use of digital assets for making cross-border payments have been seen as positive by the Bank of Russia, in recent statements the institution has rejected the idea of implementing stablecoins domestically as it would introduce “major risks for price and financial stability.”
Regarding the digital ruble, Putin also called for accelerating the introduction of the digital currency in the Russian economy. “Now we need to take the next step, namely to move to a broader, full-scale implementation of the digital ruble in the economy, in economic activity and in the field of finance,” he stressed.
Putin stated that over 30,000 digital ruble transactions had already been made as part of the ongoing pilot, highlighting that over 7,000 constituted payments for goods and services.
Source: Bitcoin
