Anatoly Aksakov, a member of parliament from Russia, said that CBDCs will gradually overtake private banks.
Central bank digital currencies (CBDC) and blockchain technology are likely to replace traditional banks, according to a legislator in Russia. Russian MP Anatoly Aksakov stated that the traditional banking system will disappear with the adoption of the digital ruble.
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“CBDCs will gradually replace private banks”
“As for the role of banks, I think their role will decrease in the future with the development of blockchain,” Aksakov said at the AIF Media media forum meeting. Stating that private banks will need to find a new area of use and can participate in the infrastructure of digital financial assets and digital rubles, Aksakov said:
“The traditional role they serve will gradually disappear.”
Aksakov also noted that the Bank of Russia limits daily use of digital rubles to 200,000 rubles, or roughly $2,000. “One of the reasons for this is the separation of the banking system from money, because people from banks will have to move to the central bank system.” he added.