Russian Central Bank Sees no Need for National Digital Coin
Russia’s Central Bank sees no obvious reason to issue a national cryptocurrency. This is according to the head of the regulator Elvira Nabiullina speaking at the Finopolis forum of innovative financial technologies.
"As Russia’s Central Bank, we have been studying this topic and the need to issue a national cryptocurrency is not obvious for us. Not only for technological reasons, but also because it is (difficult) to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough," she remarked while addressing the Deputy Governor of the People’s Bank of China Fan Yifei.
In addition, Nabiullina has repeatedly stressed the regulator does not support the legalization of digital currencies as a payment mode. However, the Central Bank sees the prospects for Blockchain technology.
In turn, Fan Yifei said China is exploring the possibility of issuing a national cryptocurrency. He stressed it’s important to cooperate with other countries in developing cryptocurrencies in order to make regulatory standards. However, he did not specify when China is likely to launch its national cryptocurrency. He claimed it was necessary to conduct studies and also take into account the experience of various countries.
Furthermore, earlier in the Lower House of the Russian parliament adopted a bill on digital financial assets. The document provided a definition of the assets. The house legislatively fixed a new smart contract; the obligations fulfilled using digital financial technologies.
China’s Central bank is ready to launch its digital Yuan later in the year or early next year. In addition, Germany’s finance minister, Olaf Scholz, recently said that he is in favor of a national digital euro. Switzerland’s Central Bank is also weighing the possibility of a Blockchain-based cryptocurrency. Last week, U.S. lawmakers also the Federal Reserve to consider developing a digital dollar as the “nature of money is changing.”
About The Author
Mary BrendahMy first love is music – then goes writing. I don’t write fiction, I analyze bulls and bears in markets. I call it my jungle, the digital jungle of crypto and chains.
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