Saturday, July 29, 2023

THE DIGITAL RUBLE

Putin has signed up to the CBDC idea.

The digital Ruble is being sold as a way to swerve sanctions. But note the last paragraph: parents and the state will be able to control how private citizens spend their money. 

From Putin Signs Digital Ruble Law Making a CBDC Possible in Russia

Now, as Russia is heavily sanctioned by the U.S. and Europe, the digital ruble might become one of the ways to circumnavigate the massive financial restrictions imposed on the country by the West. The project initially was viewed by the Bank of Russia both as a tool against sanctions and a way to control how the government is spending money allocated for social projects.

According to the head of the parliament's committee on financial markets Anatoly Aksakov, the digital ruble will also allow controlling and limiting the ways private citizen can spend them. For example, parents would be able to control on what their kids spend their pocket money, Aksakov told Parlamentskaya Gazeta in an interview earlier in July.



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