Russian lawmaker Anatoly Aksakov has outlined plans to fully digitize the Russian economy, including the introduction of a central bank-issued digital currency. Aksakov believes that the launch of a central bank digital currency (CBDC) could replace the private banking sector and bring about a new era of financial stability and growth in the economy. According to Aksakov, the CBDC would be backed by the Central Bank of Russia and would help to facilitate payments, offering users an alternative to traditional bank-issued currencies. Aksakov believes that the introduction of a CBDC would also combat fraud and financial crimes such as money laundering. The CBDC could also help to reduce costs and fees for users, while improving the speed and efficiency of financial transactions.