russia wants to create its own cryptocurrency

A terrorist sponsor country intends to create a digital ruble. In a recent update, the Bank of Russia noted that the central bank digital currency (CBDC) will allow for «targeting» technology, meaning that some digital rubles will be designated only for payment for certain goods or services. The central bank expects that the digital ruble will also increase the availability of financial services and optimize cross-border payments.

According to the financial institution, the «targeting» technology will increase the efficiency of public spending. Officials believe that public procurement and government contracts will benefit from this technology. The Russian authorities hope that the digital ruble will increase the availability of financial services, especially in remote areas, optimize settlement costs, and help develop a new payment infrastructure within the country.

The report comes after Vladimir Putin’s decision to ban payments in cryptocurrency. Interestingly, after the country banned the SWIFT payment system, the Bank of Russia stated that it would not object to the use of cryptocurrency in international payments.