The ability to limit how digital rubles can be spent creates “new opportunities” for the government, according to State Duma Deputy Anatoly Aksakov<\/h5>\n\n\n\n
By Edward Slavsquat<\/p>\n\n\n\n Restrictions on how digital rubles can be spent will be gradually introduced after the Bank of Russia\u2019s CBDC enters mass circulation, Anatoly Aksakov, head of the State Duma Committee on Financial Markets, told<\/a> Rossiyskaya Gazeta in an interview.<\/p>\n\n\n\n The senior lawmaker revealed that the Russian government was already discussing \u201cpossible usage scenarios\u201d for the digital ruble, which can be programmed to limit or prohibit certain kinds of purchases.<\/p>\n\n\n\n As an example, Aksakov proposed using the digital ruble to issue maternity capital and child benefits so that these funds \u201ccan\u2019t be spent on alcohol and cigarettes\u201d.<\/p>\n\n\n\n Such restrictions would be \u201cjustified and necessary\u201d since \u201csocial support measures would clearly become more effective\u201d, Aksakov explained.<\/p>\n\n\n\n The lawmaker continued:<\/p>\n\n\n\n \u201cThis applies to social payments and other forms of government spending. In my opinion, the benefits in this case outweigh the arguments that it is wrong to issue both free and non-free digital rubles at the same time. Control is needed; there is no other way.\u201d<\/strong><\/p>\n<\/blockquote>\n\n\n\n Russian citizens will also be able to make use of the digital ruble\u2019s programmability, the Duma Deputy said.<\/p>\n\n\n\n \u201cNot only the state will be able to use the new opportunities, but also the people themselves. When parents give their child money for school expenses, they want him to buy himself a lunch, not a pack of cigarettes or something worse. Or spend it all on video games, or give it to scammers. In the future, they will be able to establish such restrictions.\u201d<\/p>\n\n\n\n Aksakov predicted that \u201cbalanced decisions\u201d about control measures would be \u201cgradually\u201d implemented once the digital ruble enters mass circulation.<\/p>\n\n\n\n However, the Bank of Russia has repeatedly denied that such \u201cbalanced decisions\u201d are even being considered, insisting<\/a> that \u201cthe choice of which form of ruble [cash, non-cash, or digital] to use will remain with the citizens\u201d and \u201cyou can spend your digital rubles as you see fit.\u201d<\/p>\n\n\n\n The Bank of Russia also dismissed<\/a> as a \u201cmyth\u201d the claim that social payments will be issued exclusively in digital rubles.<\/p>\n\n\n\n Aksakov\u2019s comments also undermine the claim that digital rubles can be freely converted into cash or non-cash rubles.<\/p>\n\n\n\n Russians have been reassured that they can transfer digital rubles from a digital wallet into a bank account, and then withdraw these funds as cash. But how can digital rubles programmed to prohibit certain purchases be converted into cash? And if \u201ccolored\u201d or \u201cnon-free\u201d digital rubles can simply be transferred to a bank account and withdrawn at an ATM, what is the point of trying to control how they are spent in the first place?<\/p>\n\n\n\n To summarize:<\/strong><\/p>\n\n\n\n Perhaps this is why Vedomosti<\/em> wrote in December 2021:<\/p>\n\n\n\n Blockchain consultant and cryptocurrency researcher Denis Smirnov is critical of the idea of \u200b\u200bthe Central Bank: \u201cFor people, the introduction of the digital ruble is the realization of the most terrible scenarios described by science fiction writers in dystopias.\u201d<\/strong> According to the expert, with the advent of the digital ruble, absolute transparency will reign in the field of personal finance, which means that the human right to privacy will be under attack.<\/strong><\/p>\n<\/blockquote>\n\n\n\n![\"\"\/](\"https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc358a9ab-33cc-490f-b601-9194ffd2097d_1170x660.png\")
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