Article

2022-04-23 Caucasus/Russia/Central Asia

Russia unveils plans for digital ruble, domestic payment system

[RT] The Bank of Russia announced on Thursday it plans to have a digital ruble ready by next year and capable of making international payments. It also aims to expand the number of countries that accept Russian Mir banking cards.

"The digital ruble is among the priority projects," central bank governor Elvira Nabiullina told the lower House of Parliament. "We have fairly quickly created a prototype ... now we are holding tests with banks and next year we will gradually have pilot transactions."

The concept of a national digital currency was unveiled by the Bank of Russia in late 2020. The new form of money is expected to coexist with cash and non-cash rubles. Unlike virtual currencies such as bitcoin, the digital ruble is projected to pose minimal risk as it will be issued by the state monetary regulator and backed by traditional money.

Posted by Fred 2022-04-23 00:00|| || Front Page|| [11132 views ] Top
File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats

#1 I have to admit that when it comes to money I know just enough not to spend what we don’t have, but beyond that it’s all theoretical to me. I am profoundly grateful that Mr. Wife is good with money, and the space-time continuum, and using tools.

What seriously concerns me about the current situation is that in the end it will turn out like Churchill said about democracy (“Indeed it has been said that democracy is the worst form of Government except for all those other forms that have been tried from time to time.”), that screwed up as the American dollar absolutely is, every other candidate for a reserve currency will turn out to be worse.

Posted by trailing wife 2022-04-23 00:38|| 2022-04-23 00:38|| Front Page Top

#2 TW: "I have to admit that when it comes to money I know just enough not to spend what we don’t have, but beyond that it’s all theoretical to me."

Like all good wives, you understand the basic idea behind Ökonomie, which us "household management." That is to say,
- living within your means
- saving prudently for future needs
- investing where appropriate, ie where ROIC is substantially > the risk-free rate

Any intelligent person would be SHORTING Nasdaq and going long gold,silver, precious metals plus fertilizers right now.

Posted by Thruque Fillmore3565 2022-04-23 00:51|| 2022-04-23 00:51|| Front Page Top

#3 A German economist troll.

Posted by Skidmark 2022-04-23 05:07|| 2022-04-23 05:07|| Front Page Top

#4 Churchill also said that “You can always count on the Americans to do the right thing, after they have exhausted all the other possibilities.”

We're in the late stages of trying the last of the stupid stuff. I actually have hopes I'll live to see the turn-around.

Posted by M. Murcek 2022-04-23 06:31|| 2022-04-23 06:31|| Front Page Top

#5 Ref #2: ....I know just enough not to spend what we don’t have

Proving once again you're much smarter than the average citizen.

Posted by Besoeker 2022-04-23 06:39|| 2022-04-23 06:39|| Front Page Top

#6 I know just enough not to spend what we don’t have

To the left, that's nazi talk.

Posted by M. Murcek 2022-04-23 06:41|| 2022-04-23 06:41|| Front Page Top

#7 Unlike virtual currencies such as bitcoin, the digital ruble is projected to pose minimal risk as it will be issued by the state monetary regulator and backed by traditional money.

"Traditional money" ... which tradition? The pre-Nixon tradition was for a currency to be backed by specie, i.e. gold or silver. Since 1973 the US currency has been backed by "confidence" alone -- confidence in US hegemony, the USN's ability to ensure free movement of oil around the world, and America's commitment to open capital markets characterized by liquidity and rule of law.

The Biden Administration's actions have destroyed the non-Western world's confidence in all of those props for the dollar. By "freezing" -- aka stealing -- the assets of a great power, the Biden people have caused every nation to reconsider its dollar holdings. The major OPEC nations immediately began to swap some of their dollars for the Chinese currency. Israel just did the same this week. Other nations will follow.

Meanwhile, that rival country's currency is backed by substantial gold reserves. Their ratio of gold to currency in circulation is almost 10x the ratio of gold to US dollars in circulation. Their debt to GDP ratio is a tiny fraction of America's.

The dollar is fast becoming that "traditional money" known as a debased currency. Nice work, Brandon!

#FJB

Posted by Blackbeard Elmaling7207 2022-04-23 08:51|| 2022-04-23 08:51|| Front Page Top

#8 "Bad money pushes out good money." The trick is to follow the good money.

Posted by M. Murcek 2022-04-23 09:00|| 2022-04-23 09:00|| Front Page Top

#9 follow the good money

The EU appears to be doing just that. Yesterday the European Commission announced they will eliminate the penalties they had threatened to impose on EU companies that use rubles to buy Russian gas.

Posted by Slats Borgia7504 2022-04-23 09:22|| 2022-04-23 09:22|| Front Page Top

#10 Wow. So Israel is joining the retreat and reducing its dollar holdings. That's a big f'ing deal, as Joe Biden would say.

"The Bank of Israel, which serves as Israel's central bank, has added the Chinese Yuan to its reserve currency holdings for the first time ever, while at the same time reducing its holdings of U.S. Dollars and European Union Euros. Bloomberg reported on the Israeli banking decision on Wednesday, describing it as the biggest change to its balance of reserve currencies in over a decade."

Posted by Crusolet Flomort1826 2022-04-23 09:30|| 2022-04-23 09:30|| Front Page Top

#11 The American left likes to stab Israel in the back. I'm sure they consider this ungrateful behavior in DC.

Posted by M. Murcek 2022-04-23 09:35|| 2022-04-23 09:35|| Front Page Top

#12 I have to admit that when it comes to money I know just enough not to spend what we don’t have...

Don't feel bad. People in Washington DC don't even know that much.

Posted by San Fran Nan with a turban 2022-04-23 10:37|| 2022-04-23 10:37|| Front Page Top

#13 ^I've been thinking it has been intentional for decades.

Posted by DarthVader 2022-04-23 16:48|| 2022-04-23 16:48|| Front Page Top

#14 You are all darlings. :-)

Posted by trailing wife 2022-04-23 20:32|| 2022-04-23 20:32|| Front Page Top

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