Russia eyes launching its own digital currency
Published : Sunday, 16 June, 2019 at 4:25 PM Count : 230
Russia’s Central Bank is planning to of launch its own digital currency, but this is not expected to happen in the near future, the regulator’s chairperson Elvira Nabiullina said.
“Indeed, Central Bank Digital Currency cannot be immediately implemented, however many central banks, including Russia’s Central Bank, are studying such a possibility,” Nabiullina told a student conference in Skolkovo, Tass reports.
According to her, reliable technologies are important for implementing this project. “If national currency that works in the entire country is concerned, this does not refer to any private assets, and certainly, this requires a technology that would ensure reliability and uninterrupted operations. These technologies should be mature, including blockchain technologies,” she stressed.
When switching to digital currencies, there should be the understanding whether the society is ready to abandon cash. “This will be more convenient, this is digital money for people, for citizens. Are we ready as a society to give up cash?”
“Some countries have really become almost cashless, but in many countries cash is still popular. This is not because people want to carry out certain dubious operations. People often appreciate their privacy and anonymity. Certainly, the circulation of non-anonymous digital currencies implies that a society should be ready for this,” Nabiullina noted.
The Central Bank chief recommended that the project’s authors should compare and study the advantages of digital currency over other technologies, for example, an express payment system.