Anatoly Aksakov, head of Russia’s Banking Committee, believes that the digital ruble could potentially render traditional banking institutions obsolete.
In a discussion at the AiF.Media club, Aksakov opined that the evolving landscape of financial technology could reduce the necessity for traditional banking institutions. However, no official plans have been laid out to phase out banks in Russia.
Although the Central Bank of Russia has yet to enable loans in digital rubles, Aksakov is optimistic that this is a logical next step. He believes financial transactions would be expedited and possibly become more efficient if conducted in digital rubles.