State Duma deputy proposed to make the digital ruble a reserve currency

State Duma deputy proposed make the digital ruble a reserve currency

The head of the SRZP party, State Duma deputy Sergei Mironov addressed the government, the Central Bank of the Russian Federation and the operational headquarters for countering sanctions with a proposal to legalize the digital ruble. This was reported by IA REGNUM.

According to Mironov, the goal of the initiative is to issue Russian CBDC for specific purposes. For example, housing construction, development of production and transport infrastructure. 

“The digital ruble should become a full-fledged investment and reserve currency for Russia,” Mironov argues.

The MP believes that controlled emission will provide the economy with funds without accelerating inflation.

Digital rubles will not be able to be withdrawn abroad or used for other purposes, he added.

Recall that the digital ruble as the third form of money is planned to be launched by 2030.  In mid-February, the Central Bank of the Russian Federation announced the start of testing the platform together with market participants.

After Russia’s military invasion of Ukraine and the subsequent reaction from the West, The New York Times suggested that Russian companies could use the digital ruble to circumvent sanctions.

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