Former Russian Minister of Economic Development Sergey Glazyev has articulated Russia’s demand for CBDC more clearly, stating, “This is urgent for us; we can no longer conduct transactions in Western currencies. However, our partners need time to fully appreciate the benefits and importance of transitioning to our national currency.” The author believes that beyond the low transaction costs of cryptocurrencies, Russia’s primary need for CBDC and even cryptocurrencies stems from the economic sanctions imposed by Western countries, necessitating a shift towards de-dollarization.
Governor of the Bank of Russia Digital Ruble to Become Integral to Daily Life by 2031