How does the digital ruble differ from cryptocurrency and how will it affect the economy, explained Delyagin

April 21, Minsk. Deputy Chairman of the Committee on Economic Policy of the State Duma of Russia, Doctor of Economics Mikhail Delyagin, in the project "In the subject" on the BelTA YouTube channel, explained how the digital ruble differs from cryptocurrency and how it can affect the economy.

"The difference between this form of money and the traditional non-cash form is that citizens receive money directly from the Bank of Russia. Previously, the bank imitated the money that came to commercial banks, and then, due to the presence of a bank multiplier, the real money supply increased by a different number of rubles, depending on situation. Now how much money will be poured into the economy, so much will come in. There is no impact of the banking multiplier and the banking system," Mikhail Delyagin said.

The expert believes that this will increase the transparency of the banking system for the Bank of Russia. “Under the conditions of digitalization, all banking transactions will become absolutely transparent for control. The most important thing is the possibility of direct emission, when money immediately enters the economy. In theory, it will also be possible to structure the money supply by purpose. That is, with money that is issued as a social benefit, it will be impossible to buy alcohol," the expert noted.