The digital ruble is the highest form of money, and most Russians will be using the digital currency in their day-to-day activities in three years, according to Anatoly Aksakov, chairman of the Russian State Duma Committee on the Financial Market. He said the Russian central bank would launch a digital ruble prototype by the end of this year.
In an interview with a T.V. channel, RT, Aksakov said the central bank is ready to begin testing the CBDC by early 2022. Appreciating the risk-free nature of digital ruble, he told RT, “It is worth noting that, unlike cryptocurrencies, the risks for holders of digital rubles are minimal, since the issuer in the person of the Central Bank is known, there is financial support. In fact, this is the same ruble, but in digital form.”
He also mentioned that Russia is working on drastically cutting down its dependence on the U.S. dollar. “The key reason is geopolitical risk. […] So over the past three years, the share of the dollar in our international reserves has been halved: from 45% to 22%. Russia will be relying on the digital ruble as one of the measures to reduce its dependence on the USD. He, however, observed that a complete departure from the dollar might be impossible in the near future.”