Elena made the following points:
Most countries are already considering the launch of a central bank digital currency and in many cases are conducting pilot schemes. CBDCs are seen as a secure and state-controlled alternative to cryptocurrencies, and a means of making cross-border payments, especially in the face of sanctions.
CBDC projects raise significant challenges, both technological and legal in nature, related to the need to incorporate them into the country’s the existing payment system.
In Russia, the digital ruble has been defined by law as a third form of the national currency, and the Civil Code classifies it as a type of non-cash money, and a digital ruble account agreement as a type of bank account agreement, in which the parties are the account holder and the Bank of Russia.
The digital ruble offers a number of advantages, being unaffected by bank failures and enabling transactions to be conducted at high speed, but also a number of disadvantages, for example, it is not suited for use in savings accounts.
The proposed digital ruble could also be used for cross-border payments, but this would require the conclusion of the relevant international agreements.
The text of the presentation can be found in the above file.