{"id":177522,"date":"2023-07-25T08:10:47","date_gmt":"2023-07-25T12:10:47","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=177522"},"modified":"2023-07-25T08:10:47","modified_gmt":"2023-07-25T12:10:47","slug":"the-russian-people-facing-a-huge-unknown-predicament-even-bigger-than-ukraine","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=177522","title":{"rendered":"The Russian People Facing A HUGE Unknown Predicament Even Bigger Than Ukraine"},"content":{"rendered":"<p><!--more-->ZeroHedge.com<\/p>\n<div class=\"NodeContent_body__HBEFs NodeBody_container__eeFKv\">\n<p><strong>The digital ruble is a CBDC project the Bank of Russia has been working on since 2020<\/strong>, when the Bank of Russia published its first analytical\u00a0<a href=\"https:\/\/www.coindesk.com\/russia-digital-ruble-proposal\/\">report<\/a>\u00a0on the topic.<\/p>\n<p>Later, the regulator\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2021\/04\/08\/bank-of-russia-plans-prototype-for-its-digital-ruble-design-in-december\/\">updated<\/a>\u00a0the report including the feedback from Russian banks and other financial market participants.<\/p>\n<p>The regulator announced it\u00a0<strong><a href=\"https:\/\/www.cbr.ru\/eng\/press\/event\/?id=12692\">started piloting<\/a>\u00a0the system with a number of Russian banks in February 2022, shortly before the country started a war in Ukraine.<\/strong><\/p>\n<div class=\"AdvertisingSlot_desktop__eL99N AdvertisingSlot_tablet__3SxtX AdvertisingSlot_placement__udF_V\">\n<aside id=\"in-content-video\" class=\"AdvertisingSlot_inContent__nSM6b\" data-google-query-id=\"CMir98jpqYADFZLhKAUd2SAPcQ\">\n<div id=\"google_ads_iframe_\/21841313772,21778456762\/zerohedge\/in_content_video_0__container__\"><\/div>\n<\/aside>\n<\/div>\n<p><a href=\"https:\/\/www.coindesk.com\/policy\/2023\/07\/24\/putin-signed-digital-ruble-law-making-a-cbdc-possible-in-russia\">As CoinDesk reports,<\/a>\u00a0the project initially was viewed by the Bank of Russia both as a\u00a0<a href=\"https:\/\/www.coindesk.com\/policy\/2020\/10\/19\/digital-ruble-could-be-tool-against-sanctions-bank-of-russia-says\/\">tool against sanctions<\/a>\u00a0and a way to\u00a0<a href=\"https:\/\/www.pnp.ru\/economics\/anatoliy-aksakov-deti-ne-smogut-potratit-cifrovye-rubli-na-chto-popalo.html\">control<\/a>\u00a0how the government is spending money allocated for social projects.<\/p>\n<p>And now, the wait is over!<\/p>\n<p><strong>The Bank of Russia\u2019s centralized, programmable digital token officially\u00a0<a href=\"https:\/\/dumatv.ru\/news\/-gd-prinyala-zakonoproekt-o-vnedrenii-tsifrovogo-rublya\">received the State Duma\u2019s blessing<\/a>\u00a0on Tuesday.<\/strong><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2023-07-24_12-05-36.jpg?itok=NIjAvp9e\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2023-07-24_12-05-36.jpg?itok=NIjAvp9e\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2023-07-24_12-05-36.jpg?itok=NIjAvp9e\" alt=\"\" width=\"500\" height=\"359\" data-entity-type=\"file\" data-entity-uuid=\"64c96f0c-842f-4fa3-8993-bef4a051053c\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>But,\u00a0<a href=\"https:\/\/off-guardian.org\/2023\/07\/15\/the-digital-ruble-its-finally-here\/\">as Riley Waggaman reports via Off-Guardian.org<\/a>, all is not what it seems with the glad-handing we are seeing<\/p>\n<p><strong>Safe and convenient concepts such as \u201cdigital ruble platform\u201d, \u201cdigital ruble platform participant\u201d, as well as \u201cdigital ruble platform user\u201d\u00a0<\/strong>and \u201cdigital account (wallet)\u201d, now have concrete definitions provided by pages and pages of legal mumbo-jumbo.<\/p>\n<p>The approved legislation designates the Bank of Russia as the sole operator of the digital ruble platform. The Central Bank will be responsible for all aspects of \u201cRussia\u2019s\u201d CBDC, including functionality, safety, and \u201cthe correct accounting\u201d of transactions.<\/p>\n<p>Interfax\u00a0<a href=\"https:\/\/www.interfax.ru\/russia\/911132\">provided<\/a>\u00a0some more details about what was included in the final version of the bill:<\/p>\n<blockquote><p>The adopted law clarifies the ban on crediting digital ruble accounts, as well as on the accrual of interest on the balance of digital rubles. It is also prohibited to open joint digital ruble accounts (for several users).<\/p>\n<p>The document also establishes the Central Bank\u2019s right to block a platform participant (bank) from conducting a transaction if the regulator suspects it is being carried out without the client\u2019s consent. In this case, the Central Bank will inform the bank or the client about the possibility of sending a second order using the same details and for the same amount. Upon receipt of a repeated order, the Central Bank will be obliged to honor it.<\/p>\n<p>In addition, according to the law, the Bank of Russia will be able to enter into agreements with other CBDC operators [i.e., other central banks]\u2014not only of a foreign state, but also of a group of foreign states.<\/p><\/blockquote>\n<p>By the way: Interfax\u2019s report also featured an interesting comment from\u00a0<strong>first deputy chairman of the Bank of Russia, Olga Skorobogatova, who is very excited about the possibility of creating not just \u201cnational\u201d CBDCs, but CBDCs for \u201ca whole space\u201d.\u00a0<\/strong>And just think: some gullible worrywarts claim CBDCs could undermine what little remains of national sovereignty.<\/p>\n<p>The main provisions of the law will come into force on August 1, 2023.<\/p>\n<p><strong>The legislation also paves the way for a multi-phase project designed to integrate the digital ruble into Russia\u2019s economy.<\/strong><\/p>\n<p>RBC\u00a0<a href=\"https:\/\/www.rbc.ru\/finances\/11\/07\/2023\/6454f4639a794736320c9bdd\">explained<\/a>:<\/p>\n<blockquote><p>As stated in the materials on the digital ruble on the website of the Bank of Russia, the Central Bank will introduce [the CBDC] in stages: \u201cFirst, we need to conduct a pilot on real digital rubles with real clients, and work out basic operations with banks (opening and closing digital wallets, transferring digital rubles between citizens, payment for purchases and services using a QR code). In the future, the range of operations will be expanded. [\u2026] The decision to scale the digital ruble will be made based on the results of passing all stages of the pilot and taking into account the feedback from its participants.\u201d<\/p>\n<p>A VTB representative told RBC that the testing will take place in \u201cfriends and Family\u201d mode\u2014using a small circle of customers and bank employees. Banks will test all the main operations: registering and opening a wallet, replenishing it, withdrawing funds from a digital wallet to a non-cash account, transfers from one client to another, as well as payments and self-executing transactions, according to Alexei Matveev, head of the payment business development department at Alfa Bank.<\/p><\/blockquote>\n<p><strong>I won\u2019t waste your time explaining why the digital ruble is no different from the digital euro, or the digital peso, or whatever kind of soul-crushing digital token your own government is currently shilling.<\/strong><\/p>\n<p>Yes, there have been\u00a0<a href=\"https:\/\/edwardslavsquat.substack.com\/p\/russias-great-reset-facing-reality\">valiant attempts<\/a>\u00a0by the internet\u2019s most revered intellects to portray the digital ruble as a sanctions-busting, sovereignty-protecting, completely voluntary, extremely friendly and benign digital coin.<\/p>\n<p><strong>But unfortunately these Very Serious Pundits are\u00a0<a href=\"https:\/\/edwardslavsquat.substack.com\/p\/the-digital-ruble-a-friendly-cbdc\">very seriously misinformed.<\/a><\/strong><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/riley-vedemosti-digital-rubel-meme-650x629.jpg?itok=pfZ9_dRQ\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/riley-vedemosti-digital-rubel-meme-650x629.jpg?itok=pfZ9_dRQ\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/riley-vedemosti-digital-rubel-meme-650x629.jpg?itok=pfZ9_dRQ\" alt=\"\" width=\"500\" height=\"484\" data-entity-type=\"file\" data-entity-uuid=\"d639ce3d-8b76-4392-8435-b84821684a83\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/riley-digital-rubel-ria-katyusha-650x342.jpg?itok=8Sj1x6Hm\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/riley-digital-rubel-ria-katyusha-650x342.jpg?itok=8Sj1x6Hm\" data-link-option=\"0\"><picture><img loading=\"lazy\" decoding=\"async\" class=\"inline-images image-style-inline-images\" src=\"https:\/\/assets.zerohedge.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/riley-digital-rubel-ria-katyusha-650x342.jpg?itok=8Sj1x6Hm\" alt=\"\" width=\"500\" height=\"263\" data-entity-type=\"file\" data-entity-uuid=\"512f536f-fb09-43c6-a0b4-9be6576e51d4\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>A closing thought before I leave you.<\/p>\n<p><strong>Guys, this was huge big news &#8211; the digital ruble is now official. It now has a formal legal status. It\u2019s happened. It\u2019s here and it\u2019s probably not going away.<\/strong><\/p>\n<p>For better or worse (probably for worse, but you never know!), the ratification of this law was a historic event.<\/p>\n<p><strong>And where\u2019s the coverage? THIS HAPPENED TWO DAYS AGO.<\/strong><\/p>\n<p>I checked RT.com, the #1 source for Russia News. Nothing.<\/p>\n<p><em>(Or maybe I just didn\u2019t see it? Or maybe they are seconds away from filing a report about this momentous event, which occurred almost 48 hours ago?)<\/em><\/p>\n<p>Come on, now. People seem to be interested in Russia. There is also much interest in CBDCs. But for some reason, when you put these two things together\u2026crickets.<\/p>\n<p>___<br \/>\n<a href=\"https:\/\/www.zerohedge.com\/geopolitical\/putin-signs-law-introduction-digital-ruble-russia\">https:\/\/www.zerohedge.com\/geopolitical\/putin-signs-law-introduction-digital-ruble-russia<\/a><\/p>\n<p>&nbsp;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-177522","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/177522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=177522"}],"version-history":[{"count":0,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/177522\/revisions"}],"wp:attachment":[{"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=177522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=177522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=177522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}