Crypto News

Digital ruble must ensure privacy, not anonymity: Russia’s central bank

Russia’s digital ruble will not have the same level of anonymity as cash, says official.

Elvira Nabiullina, the head of the Bank of Russia, argued that there is a line between anonymity and privacy regarding the circulation of an upcoming digital ruble.

Speaking at a press conference on Oct. 23, Nabiullina said that Russia’s digital ruble will not have the same level of anonymity as cash. However, the bank expects to strengthen user privacy, Nabiullina promised, stating:

“Still, we shouldn’t confuse the anonymity with confidentiality of digital ruble transactions. Indeed, there will not be the same level of anonymity that is supported by cash transactions. But confidentiality is expected to be enhanced.”

Nabiullina elaborated that a digital ruble will have a unique digital code which enables the central bank to track financial transactions with enhanced transparency. It is not yet known whether parties other than the Bank of Russia would have access to that data, the official noted:

“The central bank will keep the register of the central bank’s digital currency. Whether someone else would be able to see the transactions will depend on the approved model of a digital ruble.”

Russia’s central bank officially released its central bank digital currency, or CBDC, plans on Oct. 13. A digital ruble could soon be used as an additional form of money alongside cash, with Russia expecting to launch CBDC tests in 2021. On Oct. 23, a government official suggested that being first in the CBDC race was not particularly important to Russia.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Bitcoin price consolidates as traders contest the $18.2K to $19.5K range
Bitcoin price has decided to take a breather as bulls and bears fight to take control of the $18,200...
Alliance Bernstein Tells Clients Bitcoin Has a Role in Asset Allocation
Alliance Bernstein has told its clients that bitcoin has a role in investment portfolios. The head of the Portfolio...
Million-dollar startup taps Algorand to fight climate change
Climatetrade will launch its marketplace for carbon offsetting on the Algorand blockchain. Blockchain marketplace Climatetrade will be building its...
Broccoli and Bitcoin, a holiday love story
From the minds that brought you cheese with holes in it comes this year’s weirdest ad campaign. Crypto broker...
Trader Claims XRP is Poised to Rip to $1.00 as Airdrop Hype Mounts
XRP has been caught within a tight consolidation pattern throughout the past few days, with its recent parabolic rally...
Ten Different Bearish Divergences Stack Against Bitcoin, But Drop Has Yet To Arrive
Bitcoin has been unstoppable from Q2 2020 on, bringing the asset to a new all-time high and restoring interest...

Featured Crypto News

Bitcoin Begins to Correct Below $17,000: Where Traders Say BTC is Heading
The price of Bitcoin has begun its correction below $17,000, resuming the bearish downtrend from yesterday. Traders have mixed...
Wallets with less than 1 BTC account for just 5% of Bitcoin’s market cap
With the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC increasing every year, the remaining addresses represent...
Stack Funds hails Bitcoin's 'healthy correction' predicts ‘euphoria’ ahead
Bitcoin could surge towards $100,000 next year following yesterday’s “healthy pullback”, with market psychology currently in the “belief” stage...
Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal
Bitcoin price this week reached a high of $19,500, following a six-week, 60% rally. From the moment the first-ever...
Record $7.4B Bitcoin futures open interest shows pros still expect $20K BTC
Bitcoin price fell short of reaching $20,000, but record high open interest on BTC futures shows pros are still...
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin
Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2%...