100
Russia says it will halt foreign currency purchases and launch a digital ruble to keep the currency from spiraling further
(finance.yahoo.com)
this post was submitted on 12 Aug 2023
100 points (96.3% liked)
Not The Onion
12273 readers
1472 users here now
Welcome
We're not The Onion! Not affiliated with them in any way! Not operated by them in any way! All the news here is real!
The Rules
Posts must be:
- Links to news stories from...
- ...credible sources, with...
- ...their original headlines, that...
- ...would make people who see the headline think, “That has got to be a story from The Onion, America’s Finest News Source.”
Comments must abide by the server rules for Lemmy.world and generally abstain from trollish, bigoted, or otherwise disruptive behavior that makes this community less fun for everyone.
And that’s basically it!
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
A digital Ruble means that they don't even need to physically print more bills to further devalue their currency. Now they can just either add to a database column or stick a few more blocks on a block chain. Free money!
Most money is already digital. There isn't a paper bill backing every dollar, far from it. No doubt it was the same in Russia.
Toilet paper demand is going to skyrocket
Also means that a black market is more difficult. If the various LEOs had their way all money would be digital.
As the currency falls people will start rejecting it. It is either
Inflation, scary levels
Price controls which will lead to shortages
Transactions being completed in an illegal currency such as Euros or USD
End the fucking war, rejoin the human race, and hope that you will he forgiven despite not being worthy of it.