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 enhancing transparency and automating audit efficiency in scenarios such as government contract expenditures. She emphasized that the digital ruble is not intended for monitoring daily payment transactions between individuals, calling the notion that "the government wants to control personal payments" a misunderstanding.

Nabiullina pointed out that, from a transparency perspective, there is no fundamental difference between residents using the digital ruble and existing cashless ruble transactions. However, as a third form of national currency, the digital ruble will help reduce manual review processes and enable partial automation of regulation. She further reiterated that the Russian Central Bank will not force citizens to open digital ruble accounts or mandate the use of the digital ruble. In the future, it will promote voluntary adoption by highlighting its convenience and by opening trial experiences starting in September. (bits.media)