Russian Lawmaker Foresees CBDCs Displacing Private Banks and Foreign Exit Difficulties

Anatoly Aksakov, head of Russia's parliamentary financial committee, predicts that traditional banks will gradually fade away with the adoption of the digital ruble and the development of blockchain technology. Aksakov believes that central bank digital currencies (CBDCs) will displace private banks, and while private banks may still have a role in the infrastructure of digital financial assets and the digital ruble, their traditional role will diminish. The Bank of Russia has limited the daily use of digital rubles to 200,000 rubles, and concerns have been raised by local banks about the implications of the digital ruble.