Russia tests digital ruble in bid to bypass sanctions
The Hindu
Russia began testing its new digital ruble with consumers in the hope blockchain technology will help it evade sanctions.
Russia began testing its new digital ruble with consumers on Tuesday, in the hope blockchain technology will help it evade sanctions and tighten control over its citizens.
The testing phase comes as the ruble lingers at its lowest level against the dollar since March 2022, weeks after Moscow launched its full-scale offensive in Ukraine.
While Moscow has been mulling the idea of creating a digital currency for years, development of the digital ruble took off after Western sanctions blocked Russia from parts of the global banking system.
Russia joins 20 other countries worldwide that have entered the pilot stage of launching a digital currency, according to a tally from the Atlantic Council think tank.
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Moscow's aim is clear: to make its financial system more flexible and limit the impact of international restrictions.
"It will enhance Russia's ability to evade sanctions," said Mikkel Morch, founder of crypto-focused investment fund ARK36.
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