The head of the Russian Ministry of Finance, Anton Siluanov, stated earlier that in 2024, the digital ruble will be tested in certain types of budget expenditures. It was about using the third form of currency in social payments.
According to economist Maxim Markov, the Russian authorities can use the capabilities of "colored" digital rubles to control the spending of budget funds.
"Coloring" digital rubles will allow [...] to prevent the embezzlement of budget funds
The digital ruble will work in a similar way with respect to social payments to Russians. Markov explained that the state will be able to control where child benefits go. And it is important that the funds are spent on the child, and not on solving the problems of parents. The expert drew attention to the fact that the authorities need to exclude the risks of failures in working with ordinary and "colored" rubles so that the system works well.
The launch of the digital ruble pilot in Russia took place on August 1, 2023. The third form of national currency, unlike cash and non-cash funds, will be stored in digital wallets on the Bank of Russia platform.
These funds can be used to pay using mobile banking applications. A key feature of digital money is its marking (coloring), thanks to which you can track what purposes the funds are spent on.
Earlier, VTB reported on how Russians will be able to withdraw digital rubles at ATMs. First, they need to be transferred to a non-cash account, and then they can be withdrawn in cash through an ATM.
