Anatoly Aksakov, chairman of the Financial Market Committee of the State Duma, the Russian equivalent to the U.S. House of Representatives, has predicted that bitcoin and digital ruble exchanges will become a reality in the coming years. Aksakov also foresees the need for digital ruble-based P2P markets to serve this goal in the future.
State Duma Financial Market Committee Leader Envisions Bitcoin and Digital Ruble Exchanges
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Russians Will Be Able to Exchange Bitcoin for Digital Ruble
The approval of the law enabling cryptocurrency payments in Russia has given rise to a series of movements regarding the upcoming digital ruble application in the country. Anatoly Aksakov, chairman of the Financial Market Committee of the State Duma, the Russian equivalent to the U.S. House of Representatives, has predicted that citizens will be able to exchange bitcoin and digital ruble tokens at some point in the future.
According to the official Russian news agency TASS, during a press conference dedicated to digital finance development Aksakov stated:
As soon as the ruble start enjoying demand, it would be needed for a bitcoin holder to be interested in having the digital ruble. He would be confident in us, trust us, and understand that the digital ruble would benefit him. He would sell his bitcoin for the digital ruble.
Aksakov declared that this would depend on market conditions and needs, but is an opportunity that can be anticipated, highlighting the need for peer-to-peer (P2P) markets whenever these systems are functional. Aksakov’s remarks came at the heels of statements made by Bank of Russia’s governor Elvira Nabiullina on the possible generalization of the digital ruble usage in 5 to 7 years.
Nonetheless, the digital ruble is still in its pilot stages, even though over 30,000 transactions have been completed using it, per data shared by President Putin. At that time, Putin also declared in favor of accelerating the integration of the digital ruble into the Russian economy.
The Russian ruble would be the only digital asset approved by the Bank of Russia to perform internal transitions and payments, given that the institution has deemed using other digital assets, like stablecoins, as “unacceptable.” This is due to the risks that these would present to the price and financial stability of the domestic economy.
What do you think about the possibility of exchanging bitcoin for the Russian digital ruble? Tell us in the comments section below.
Bitcoin.com News is seeking a News Writer to produce daily content on cryptocurrency, blockchain, and the digital currency ecosystem. If you are interested in becoming a key member of our innovative global team, apply here.
