Russian Central Bank Governor: Digital Ruble Will Be Used to Strengthen State Oversight of Fund Flows

Odaily Planet Daily News: Russian Central Bank Governor Elvira Nabiullina stated that the launch of the digital ruble is indeed intended to strengthen state oversight of fund flows, particularly in scenarios such as government contract spending, to enhance transparency and automate audit efficiency. She emphasized that the digital ruble is not intended for monitoring everyday payment behaviors between individuals, calling the claim that "the government wants to control personal payments" a misunderstanding.

Nabiullina pointed out that from a transparency perspective, the use of the digital ruble by residents is essentially no different from existing non-cash ruble transactions. However, as a third form of state currency, the digital ruble will help reduce manual review processes and achieve partial automation of regulation. She reiterated that the Central Bank of Russia will not force the public to open digital ruble accounts or require its mandatory use. Instead, the adoption will be promoted voluntarily through awareness campaigns highlighting its convenience and by opening it for public experience starting in September. (bits.media)