Governor of the Central Bank of Russia Digital Ruble Will Become Part of Daily Life by 2031

Former Russian Minister of Economic Development Sergey Glazyev has articulated his country’s demand for CBDC more clearly, stating, “This is urgent for us; we can no longer conduct transactions using Western currencies. However, our partners need time to fully recognize the benefits and importance of transitioning to our national currency.” The author believes that beyond the low transaction costs associated with cryptocurrencies, Russia’s demand for CBDCs and even cryptocurrencies primarily stems from the need to circumvent economic sanctions imposed by Western countries and achieve de-dollarization.