The Treasury of the Russian Federation spoke about plans to work with the digital ruble

Photo: © Izvestia/Sergey Konkov

Photo: © Izvestia/Sergey Konkov

Head of the Federal Treasury of Russia Roman Artyukhin told the St. Petersburg International Economic Forum (SPIEF) “Izvestia”how the department plans to take part in the experiment on working with the digital ruble.

“The digital ruble is one of the forms of money, it can be equal to other forms of payment. Together with the Central Bank, we are now discussing the forms and mechanisms of our interaction. Of course, this will require restructuring part of the work of the Russian treasury, the budget system, because it will be a separate isolated flow”, Artyukhin said.

The head of the Federal Treasury of Russia noted that it would be necessary to open a separate wallet of the Russian Treasury and reconfigure information systems so that the crediting of the digital ruble is correctly reflected in financial management systems. Artyukhin expressed confidence that the Treasury will implement these plans to a greater extent in 2024.

Artyukhin specified that from a technical point of view, the digital ruble has not yet been piloted in the treasury. The head of the department believes that the digital ruble will not appear within the budget system, since the system is designed in such a way that the budget is executed at certain stages, within which there are a large number of confirming control ratios.

“Therefore, in this model, the technology of the digital ruble is already built in, as an ideology, as a model, it is already built in, so we see our picture of the world as follows: the digital ruble enters the budget system, then it turns, in essence, into our budget rubles”Artyukhin said.

Recall that in October 2020 the Bank of Russia introduced the concept of a digital ruble. It will be the third form of national currency (in addition to cash and non-cash rubles). The digital ruble will be in the form of a unique digital code that will be stored in the electronic wallet. This code will be used to transfer from one user to another.

Source: Ren

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