Former Russian Minister of Economic Affairs Sergey Glazyev made the country’s demand for CBDC clearer, stating, “This is urgent for us; we can no longer conduct transactions in Western currencies. However, our partners need time to fully recognize the benefits and importance of transitioning to our national currency.” The author believes that beyond the cost-effective transaction fees of cryptocurrencies, Russia’s primary need for CBDC and cryptocurrencies stems from the economic sanctions imposed by Western countries, necessitating a shift towards de-dollarization.
Central Bank of Russia Chief Digital Ruble to Become Integral to Daily Life by 2031