Digital ruble testing can be launched in Crimea

The circulation of the digital ruble can be tested in Crimea. The chairman of the committee came to this opinionState Duma on the financial market Anatoly Aksakov, TASS writes.

According to Aksakov, the use of digitalruble in Crimea will help overcome international sanctions. Also, the chairman of the State Duma Committee on the Financial Market believes that the adopted law on digital financial assets (DFAs) “may be of interest to Crimeans.”

“I am discussing with Crimean IT specialists so that theyit [the law] was applied here, including for the economic turnover of Crimean organizations with organizations in other regions of Russia and the external market. We need to test this law in a pilot version to test the possibility of overcoming sanctions decisions "Aksakov said.

According to Aksakov, the first working examples of products under the CFA law can2021.

Indirect risks

Public statements about the use of cryptocurrenciesto circumvent international sanctions were voiced back in August 2019. Then the Crimean authorities promoted the initiative to create a platform for the use of digital currencies in the region.

It is noteworthy that this initiative will involve the use of cryptocurrencies, which will beagain tied to gold (or other material assets) in order to circumvent U.S. sanctions.

However, even the emergence of digital currencyThe RF Central Bank has its own risks. The international rating agency Moody’s predicts that the launch of the digital version of the ruble may provoke an outflow of funds from the Russian banking sector. To prevent the collapse of the banking system, the country's authorities, according to the agency's experts, must create an "indirect model of the digital ruble", within which the Central Bank will give banks the role of intermediaries.

In this case, the owner of the digital ruble will be able to interact with the commercial bank, and not directly with the regulator.Under the indirect model, retail users of digital currency will have easier to switch to a new type of money, noteMoody's analysts.

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