Russia Explores Centralized Digital Currency that Can Restrict Certain Purchases: Cyber Polygon 2021

russia-explores-centralized-digital-currency-that-can-restrict-certain-purchases:-cyber-polygon-2021

11-07-21 12:33:00,

Russia’s central bank is exploring a two-tiered digital ruble that would allow users to restrict certain types of purchases, and all transactions would be recorded on a centralized ledger, according to a Cyber Polygon 2021 panel discussion.

“Just imagine that you are able to give your kids some money in digital rubles and then restrict their use for purchase of junk food” — Alexey Zabotkin, Deputy Governor of Russia’s Central Bank, Cyber Polygon 2021

Speaking at the annual Cyber Polygon cybersecurity exercise, Bank of Russia Deputy Governor Alexey Zabotkin laid out the central bank’s plan for a digital ruble.

The digital ruble shall be more convenient than cash is in its use,” he said, adding, “the digital ruble will exist in the form of uniquely identifiable units — you can think about them as sort of electronic bank notes.”

With these electronic bank notes, users would be able to set limits on what types of purchases can be made.

“This [digital ruble] will permit better stability of payments and money flow, and also explore the possibility of setting conditions on permitted terms of use of a given unit of currency,” said Zabotkin.

Alexey Zabotkin

“The Bank of Russia will maintain the centralized ledger on the Bank of Russia’s technological platform, and all transactions will be recorded on this ledger” — Alexey Zabotkin, Cyber Polygon 2021

The Russian central bank authority said that parents could give the digital currency to their children with certain restrictions, such as blocking them from buying junk food.

“Just imagine that you are able to give your kids some money in digital rubles and then restrict their use for purchase of junk food, for example.

“That would be a useful functionality for a customer, and of course you can come up with hundreds of other similar use cases,” Zabotkin added.

You can let your imagination run wild with what those “hundreds of other similar use cases” could be, but if parents could be allowed to alter the permissions on the digital money, then surely much more powerful entities would be able to do the same,

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