Russian Lawmaker Predicts That Digital Ruble Will Displace Banks

Eventually, the digital ruble, alongside the development of blockchain, will displace the need for banks, Russian lawmaker Anatoly Aksakov said in a meeting, a local media outlet reported on Tuesday.

“As for the role of banks, I think that their role will fade in the future with the development of blockchain,” said Aksakov, the head of the State Duma Banking Committee, speaking at a meeting at the AiF.Media club, though no plans have been put in place in the country to get rid of banks.

Blockchain technology, the infrastructure that underpins crypto, has become more widely accepted by institutions thanks to crypto becoming more mainstream. Plus, apex banks of several countries, including Russia, started exploring central bank digital currencies (CBDC) as their answer to digital assets. Russia has been conducting a pilot for its digital ruble with banks.