The Central Bank stated that the digital ruble has no effect on the amount of money

Converting rubles to digital form will not lead to a change in the total amount of money in the Russian economy. This was announced on November 1 by the press service of the Central Bank of Russia.

"There won't be more or less rubles in the economy if you convert them to digital. For the owner of non-cash rubles, only online banking records will be changed," the regulator's Telegram channel says.

It is noted that when converting cash into digital rubles, money is first credited to a bank account, and then transferred to a digital wallet on the Central Bank's platform. Cash held at cash desks and ATMs of credit institutions is not counted in the money supply until it is issued to customers.

The Bank of Russia emphasizes that all forms of the Russian ruble — cash, non—cash and digital - are completely interchangeable. Citizens can redistribute their funds between different forms at any time without affecting the total amount of money in the country.

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How will this help to better track what budget money is spent on?

On October 30, the head of the Central Bank of the Russian Federation, Elvira Nabiullina, said that the digital ruble would provide an opportunity to track in the budget what the money was spent on. According to her, the Bank of Russia has already started piloting the digital ruble in capital construction.

On September 18, Russian Finance Minister Anton Siluanov emphasized the reliability of the digital ruble. According to him, the digital ruble is interesting for the budget process, since it will be monitored at a high level.

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