Russian lawmakers are urging the country’s central bank to reconsider its plans to create a digital ruble, citing concerns about the technology’s potential impact on banking and financial systems. The group of legislators, led by the head of the parliamentary budget committee, has suggested that the central bank wait until a full examination of the system has been completed, in order to ensure that the digital ruble does not lead to “disruptive consequences”. The group noted that the digital currency could cause financial upheaval if it caused disruption in the banking sector and had a negative effect on fiscal and monetary policies. The legislators also called for greater transparency and accountability in the central bank’s plans for the digital ruble, so that citizens know what to expect. The proposed digital currency is seen by many as a way to ensure financial stability and reduce transaction costs in the Russian economy.
