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Russian lawmaker Anatoly Aksakov, the Chairman of the State Duma Committee on Financial Market, has expressed support for the unified digital currency that the government is developing, and suggested it could eventually replace traditional banking services in the nation. While speaking to CoinDesk, Mr. Aksakov stated that the nation’s Central Bank of Russia (CBR) is working on a central bank digital currency (CBDC) that could eventually replace the private banking system. He further added that the CBDC would improve the ease of conducting financial transactions and make the process much cheaper. Mr. Aksakov mentioned that while private banking is necessary for certain services like loan issuance, the CBDC ban reduce the need for such services by providing an efficient payment system and reducing costs. He added that if the CBDC project is successful it could eventually replace traditional banking services, thereby giving the state a greater control over the economy.