Russian Central Bank Governor: Digital Ruble to Strengthen State Oversight of Fund Circulation

Odaily News Russian Central Bank Governor Elvira Nabiullina stated that the launch of the digital ruble is indeed aimed at strengthening state oversight of fund circulation, particularly enhancing transparency and automated review efficiency in scenarios such as government contract spending. She emphasized that the digital ruble is not intended for monitoring everyday payment behavior between individuals, calling the notion that "the government wants to control personal payments" a misunderstanding.

Nabiullina pointed out that, from a transparency perspective, residents using the digital ruble does not fundamentally differ from existing cashless ruble transactions. However, as a third form of state 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 mandate its use. Instead, it will promote voluntary adoption by highlighting its convenience and opening it for public experience starting in September. (bits.media)