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Russia’s Focus Shifts from Bitcoin to Digital Ruble as CBDC Gathers Pace
As the year draws to a close, it appears that Russia is shifting its focus away from Bitcoin and instead, throwing its weight behind the development of a central bank digital currency (CBDC). The move marks a significant departure from earlier plans to hold Bitcoin as a reserve asset.
The Russian government has introduced a bill mandating banks and merchants to adopt the country’s CBDC, known as the digital ruble. This shift in strategy comes as a surprise to many, given Russia’s initial enthusiasm for the concept of holding Bitcoin as a reserve asset. However, the country’s central bank appears to be more committed than ever to the development and implementation of its own digital currency.
The proposed bill would require banks and merchants to use the digital ruble for transactions starting July 1, 2025, with all banks expected to adopt the system by 2027. The scope of this program goes beyond mere adoption, as it also aims to establish a universal QR code payment system.
Russia’s pivot away from Bitcoin has raised questions about the future viability of its Bitcoin reserve plan. It is uncertain whether the country will ultimately abandon its goals for holding Bitcoin as a reserve asset or if it will continue down this path in tandem with developing its digital currency.
Source: cryptotale.org
