Russia launches an experimental digital currency, the CBDC, which is designed to combat black market dollar trading.
It has been launched in 11 cities as part of a pilot program.
A former government minister believes that the launch of the digital ruble will help spur de-dollarization in Russia.
Russian Central Bank officials have talked up the potential of the coin, and even suggested allowing foreign investors to buy large amounts of it.
However, the real aim of the new currency is to combat the black market in the domestic black market, which has reportedly been thriving under Western-led sanctions.
Transparency International reported in March that Russians were using the USDT stablecoin to send money to locations such as the UK via illegal” Moscow-based crypto exchanges and brokers.
Similar concerns have arisen over the falling value of the ruble against the US dollar.
The central bank has been trying to reverse this trend.
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