Bank of Russia Governor Elvira Nabiullina: ‘Cash Is Not Going Away’
Elvira Nabiullina, Governor of the Bank of Russia, talked about the future of cash in the context of the digital ruble pilot currently being executed in the country.
Nabiullina explained that physical money was not disappearing and that the future implementation of the digital ruble was directed to offer payment options to users.
According to Russian state-owned news outlet TASS, Nabiullina stated:
Our fundamental position is that people should be able to choose how to make payments. We are presenting choices. We are still developing cash, and we are even creating a new series of banknotes with a fresh design.
The Bank of Russia
clarified that the digital ruble is not being proposed as a substitute for bank accounts or deposits.
The bank expects the digital ruble to be
leveraged for making local and cross-border settlements. In
September, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, estimated that the digital ruble would be used to make cross-border payments
by 2025.
