Banking in the Soviet Union

The Soviet Union was the first jurisdiction to implement a single-tier banking system, an experience that was subsequently emulated by a number of Communist states. == Historical and ideological background == The notion of a monopolistic state financial system had longstanding roots in the Russian Empire, where fiat currency had been in use for centuries and dominant public banks were established from the 18th century onwards.

Source: Wikipedia — Banking in the Soviet Union (CC BY-SA 4.0)