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

Odaily Planet Daily News The Governor of the Central Bank of Russia, Elvira Nabiullina, stated that the introduction of the digital ruble is indeed aimed at strengthening state oversight of fund flows, particularly in scenarios such as government contract spending, to enhance transparency and the efficiency of automated audits. She emphasized that the digital ruble is not intended to monitor everyday payment transactions 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 national currency, the digital ruble will help reduce manual audit processes and achieve partial automation of regulation. She reiterated that the Central Bank of Russia will not force citizens to open digital ruble accounts or require them to use the digital ruble. Instead, it will promote voluntary adoption by highlighting its convenience and opening it for public trial starting in September. (bits.media)