MOSCOW (Realist English). Russian Finance Minister Anton Siluanov acknowledged the convenience and importance of the digital ruble for marking government spending. Unfortunately, he did it only in a movie: he spoke in a documentary about the history of the formation of the Russian financial system.
In reality, nothing is being done to create a crypto ruble. Although the topic has been tapped since 2019. The demand for state-owned crypto funds for targeted investments in industry, science, and large construction projects has long been obvious.
“It will be especially interesting for public spending, because public spending requires verification of a targeted nature. The digital currency is better suited for this than any other,” the minister ponders.
In the immemorial and long gone times of Putin’s stability and hydrocarbon excess budget revenues, in the times of the bursting of the financial surplus of the stabilization fund, Sergey Glazyev called for using the cryptoruble to sponsor Russian industrialization. Then the financial authorities reacted to the proposal with a condescending grin. What, they say, to take from these radical conspiracy theorists. And venerable experts-financiers even twisted their fingers at the temple.
Several years have passed, the best practices of China and Singapore loomed ahead, and now, filming a talk show about their heroically useful activities, officials talk about the wonderful properties of the digital ruble.
In September, Prime Minister Mikhail Mishustin instructed the Ministry of Finance, the Bank of Russia, Rosfinmonitoring, the Federal Tax Service and the FSB to develop by December 19 a coordinated position on draft federal laws regulating the issuance, organization of the issuance and circulation of digital currency in Russia, including for international settlements.
Cryptomoney has a wonderful function in payments for imported components and technologies. Which is difficult to overestimate, and which cannot be blocked.
And last week, a bill on the legalization of cryptmoney was submitted to the State Duma. According to the document, cryptocurrencies can be used as a means of payment outside the country.
The digitally marked ruble provides absolute traceability of cash flow. Allows you to include new formats of economic activity of enterprises that were previously used only in a limited form.
Digital money is an ideal technical platform for cost rationing. To assess cost effectiveness taking into account various factors: from the real market price to local conditions. The activity of companies is clearly visible – and most importantly, a reasoned opportunity to influence their investment programs.
If previously everyone was hiding behind the inviolable priority of private profit, now the state has a tool at its disposal that makes the issues of using profit quite touchable. So, in China, development scenarios are applied to companies (including private ones). Based on the amount of profit received, the company is obliged to spend a specific share on the development of fixed assets (equipment, personnel), on achieving quality indicators (technical standards), on providing social functions (jobs, social package)…
The functionality of digital money is huge in conjunction with standardization and rationing. In a good way, this is the material future of humanity.