The Bank of Russia explained the importance of cash by the lack of Internet

The ability to make payments using the digital ruble offline can be its advantage compared to conventional non-cash payment methods. Deputy Chairman of the Bank of Russia Vladimir Chistyukhin spoke about this during the investment forum “Real Future”, TASS reports.

He shared a personal story of how he was faced with the need to have cash even in the vicinity of Moscow, because there were no other options.

“This summer I found myself a little over 200 kilometers from Moscow. (...) There is no Internet, mobile communications do not work. (...) I am sure that cash is still of serious importance,” Chistyukhin emphasized, noting that it is too early to talk about replacing traditional formats with digital technologies.

It was previously reported that in September cash became the most popular format for storing money for Russians. This method was chosen by 38 percent of respondents in an InFOM survey commissioned by the Bank of Russia, which is six percentage points more than a year earlier. Bank accounts remained in second place - 37 percent, although since 2014, with the exception of the spring of 2022, they remained a priority.