Russia Introduces Digital Ruble as a Central Bank Digital Currency (CBDC)

Russian Ruble, Wiki
The Bank of Russia has been designated as the sole operator of the digital ruble platform. The Central Bank will be responsible for all aspects of “Russia’s” CBDC, including functionality, safety, and “the correct accounting” of transactions that opens the door for totalitarian control.

.

The wait is over! The Bank of Russia’s centralized, programmable digital token officially received the State Duma’s blessing on Tuesday.

Safe and convenient concepts such as “digital ruble platform”, “digital ruble platform participant”, as well as “digital ruble platform user” and “digital account (wallet)”, now have concrete definitions provided by pages and pages of legal mumbo-jumbo.

The approved legislation designates the Bank of Russia as the sole operator of the digital ruble platform. The Central Bank will be responsible for all aspects of “Russia’s” CBDC, including functionality, safety, and “the correct accounting” of transactions.

Interfax provided some more details about what was included in the final version of the bill:

The adopted law clarifies the ban on crediting digital ruble accounts, as well as on the accrual of interest on the balance of digital rubles. It is also prohibited to open joint digital ruble accounts (for several users).

The document also establishes the Central Bank’s right to block a platform participant (bank) from conducting a transaction if the regulator suspects it is being carried out without the client’s consent. In this case, the Central Bank will inform the bank or the client about the possibility of sending a second order using the same details and for the same amount. Upon receipt of a repeated order, the Central Bank will be obliged to honor it.

In addition, according to the law, the Bank of Russia will be able to enter into agreements with other CBDC operators [i.e., other central banks]—not only of a foreign state, but also of a group of foreign states.

By the way: Interfax’s report also featured an interesting comment from first deputy chairman of the Bank of Russia, Olga Skorobogatova, who is very excited about the possibility of creating not just “national” CBDCs, but CBDCs for “a whole space”. And just think: some gullible worrywarts claim CBDCs could undermine what little remains of national sovereignty.

The main provisions of the law will come into force on August 1, 2023.

The legislation also paves the way for a multi-phase project designed to integrate the digital ruble into Russia’s economy.

Read full article here…

Visit our Classified ads.

Check out our Classified ads at the bottom of this page.

Recent stories & commentary

  • Save
Globalism

UN Troops Being Brought in as Migrant Refugees

May 15, 2024 Greg Reese 4

Whistleblower John O’Looney said that migrant men will be used as UN soldiers and will be deployed by the WHO during the next phony pandemic lockdown. He predicted there would be loads of bloodshed, but that people of all colors will come together and recognize their common enemy in the end.

  • Save
Other

Boy Scouts Officially Drop “Boy” From Their Name

May 13, 2024 The New American 6

 For many years, the organization has been under fire from left-wing activists who didn’t approve of the “God and country” values espoused by the group. The name change represents the group’s latest capitulation to far-left values.The Girl Scouts is also woke and excludes those who reject being allies with LGBTQ. 

Classified Ads

The appearance of ads on this site does not signify endorsement by the publisher. We cannot vouch for accuracy of statements or integrity of advertisers. We will investigate complaints, however, and remove any message we find to be misleading or that promotes anything fraudulent or unethical.
For ad rates, click here.

Subscribe
Notify of
guest
4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
terry shead
terry shead
9 months ago

I am quite shocked on this, Putin must be one of the WEF gangsters, I just hope the Russians tell him where to go!

behind
behind
9 months ago

Yes.And this is the least that, almost completely undetected by the media outside Russia, is happening in Russia.

The war will end, maybe there will be a truce, or it will continue indefinitely. And what will happen after the armistice, or will just continue to happen during the ongoing war, is what the authorities are doing and planning.

For example, a second example and a third example.
(And the Top example.)

But, of course, this is negligible and unimportant against the background of the battle for the future of civilization that is taking place in Ukraine.

joe in Missouri
joe in Missouri
9 months ago

Rather than enslaving the Russian people, this looks like they will still have physical cash. Russians could also buy into to privacy crypto’s.

This is nothing like what the Fed has planned for us, though in the hands of any government a monopoly on “money” is a very dangerous thing.

Boomer Lady
Boomer Lady
9 months ago

A digital ruble should help to bring Russia down sooner rather than later.