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Head of Central Bank: we don’t set out to build a dominating digital ruble
We do not set a goal for the digital ruble to dominate, the three forms of money will coexist in Russia, Bank of Russia Governor Elvira Nabiullina said.
The digital ruble is a more convenient, faster and less expensive form than the current forms of money, said the head of the central bank in an interview with the Fanimani portal.
“We do not think that the digital ruble should be the first and dominant form of money. People are supposed to choose what kind of money is convenient for them,” she said.
According to her, the digital ruble helps to program its use. “The budget will be able to see where and how close to a target the money is spent. It can be assumed that people in ordinary practice will be able to do this, for example, by giving money to their children, to see that they spend it on something allowed by their parents,” she said.
The head of the central bank spoke about the current transition to cashless payments.
“I remember a few years ago it was really suggested: let us prohibit the use of cash for certain types of purchases, for example, allowing solely cashless payments for large purchases. We were against that, because we believe that people will prefer non-cash themselves if it is convenient and cheap. And that's exactly how it happened. It became convenient, and people switched to cashless payments. It's the same with the digital ruble. We do not set a goal for the digital ruble to dominate. For some it will be convenient, for some – not, that’s why we call it the third form of money,” she said.