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.
“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.
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