The Union of Russian Entrepreneurs urged to speed up the introduction of the digital ruble

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Chairman of the Russian Union of Industrialists and Entrepreneurs (RSPP) Alexander Shokhin believes that cryptocurrencies undermine the sovereignty of the Central Bank in issuing money.

Alexander Shokhin said that the digital rubleneeds to be launched as soon as possible. He stressed that “we cannot lag behind countries that care about national sovereignty, such as China.” According to him, the government and the Central Bank must submit a report to the president on the digital ruble by December 19.

In addition, the Chairman of the Russian Union of Industrialists and Entrepreneurs noted that cryptocurrency challenges the centralization of the issuance of fiat currencies:

“The issue of national currency is a signstatehood and state sovereignty, therefore the Central Bank has a defensive position along this line. And in principle, control is reduced, there is the possibility of transfer abroad, there is the possibility of money laundering, and so on. There are all these risks.”

According to Shokhin, if the mining lawcryptocurrency was adopted in a timely manner, then the economic pressure from Western countries would have been negligible: “That is, we did not use what could be used in terms of technologies to counter sanctions through crypto.”

In September, Deputy Chairman of the Bank of Russia Alexey Zabotkin said that at the first stage of integration of the digital ruble, only residents of the Russian Federation will be able to open electronic wallets.