Russia’s Central Bank Announces Potential Development of Cryptocurrency

The head of Russia’s central bank, Chairwoman Elvira Nabiullina, recently made a statement that the institution may be looking to develop their own cryptocurrency in the near future.

Date: 
June 19, 2019
Read time: 
2 minutes

Russia’s Central Bank Announces Potential Development of Cryptocurrency

Author: Dylan B
Date: 
June 19, 2019
Read time: 
2 minutes

The head of Russia’s central bank, Chairwoman Elvira Nabiullina, recently made a statement that the institution may be looking to develop their own cryptocurrency in the near future.

The head of Russia’s central bank, Chairwoman Elvira Nabiullina, recently made a statement that the institution may be looking to develop their own cryptocurrency in the near future.

This announcement marks an important turning point in Russia’s acceptance of cryptocurrency assets as they were previously hesitant to accept them in recent years.

Nabiullina made this statement at a student conference and emphasized the fact that, while it is not a development that could be made at this point in time, many other banks besides the central bank are considering the possibility of adding their own cryptocurrency to the current banking system.

During this statement, she also made clear that there are several requirements that need to be met before this can happen. For example, their cryptocurrency technology must be able to ensure reliability and continuity and, in her words:

It will be more convenient, it is electronic money for people, for citizens. Are we ready, as a society, to refuse cash?

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While there have been some nations who have been successful in eliminating the need for cash and moving on solely to digital currencies, physical money is still often valued as it gives privacy and anonymity when making purchases, which is still heavily valued in today’s society.

This announcement marks an important turning point in Russia’s acceptance of cryptocurrency assets as they were previously hesitant to accept them in recent years.

At the moment, Russia is potentially considering the use of a gold-backed cryptocurrency for this project and is currently awaiting both legislation for the use of cryptocurrencies themselves as well as a proposal for their cryptocurrency that meets all of their requirements.

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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