Olga Skorobogatova, deputy governor of the Central Bank of Russia, has said that <a href="https://www.cryptoknowmics.com/news/list-of-top-blockchain-development-companies-to-watchout-for-in-2020/">blockchain technology</a> has failed to play the panacea many vouched for half a decade ago. In an <a href="https://www.euromoney.com/article/b1l0tlv3z9q6d0/banking-russia-makes-its-own-innovation" target="_blank" rel="noopener">interview </a>on April 2 with Earphones, she dived deep into the details of the bank's initiatives, sandboxes and she talked about her blockchain experience.

The Central Bank of  Russia deployed the Masterchain platform - a local blockchain network which is utilized to transfer financial data like mortgage accounting. The deputy governor added that blockchain is q boon and a pretty handy tool for letters of credit and guarantees as it offers a technology of trust.

However, she enunciated that blockchain while being good, isn't the panacea many perceived it to be a few years ago.  She went on to add she remembers being told by some tech companies back then and everyone was in her ears telling her that in five years everything will be blockchain-based, and every other technology would stand obliterated.
<blockquote>"I responded that this technology would work in cases when it would create additional value but not as a substitution for everything. Time has proven me right."</blockquote>
The Central Bank of Russia's Deputy governor stated that she has never been a fan of cryptocurrencies as she believes they pose significant threats as a means of payment to the customers. She believes that the high volatility, lack of savings guarantee and it's illicit user can't be ignored.
<h2>Central Bank of Russia Pondering Over CBDC</h2>
She asks sounded sceptical regarding stable coins and stated that they raise more questions than answers. She added that the Central Bank of Russia is in talks with other regulations to figure out and get to know more about cryptocurrencies, but so far they lack conviction.

The CBR is thinking about a national digital currency, and she sounds far from convinced regarding it too.  Skorobogatova believes they would not really add any value for the economy and the individual involved.

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Central Bank of Russia's Deputy Governor Unconvinced by Blockchain

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Central Bank of Russia's Deputy Governor Unconvinced by Blockchain

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