Russia's Digital Ruble: Expert Warns of Potential for Total Digital Control

Russia's Digital Ruble: A Phased Rollout and Expert Concerns MOSCOW—The Russian State Duma recently approved legislation paving the way for the phased introduction of the digital ruble, a move that has sparked both anticipation and concern among financial experts. Valery Pivny, head of the rating agency ACRA's financial institutions group, offered insights into the planned rollout in a recent video interview. Pivny stated that while the digital ruble's mass implementation is expected only after 2027, its eventual impact on the financial system could be profound. He explained, "The digital ruble could significantly change the fundamental rules of the game between market participants." The phased approach, according to Pivny, is necessary to ensure the system's stability and to address potential challenges. He emphasized the importance of consultations with banks to develop an economically viable model. However, he also raised concerns about the potential for the digital currency to become a tool for increased government control. The digital ruble's introduction marks a significant step in Russia's technological advancement, but the long-term implications for the country's financial landscape remain a subject of ongoing debate and analysis. The government's commitment to a phased rollout suggests a cautious approach to managing the risks involved in this ambitious project.