No Russian Bitcoin Expected: Central Bank Sees No Reason for National Cryptocurrency

Libra Coin News
Thu, 10/10/2019 - 14:02
Denis Sinyavskiy
The head of Russia’s Central Bank said that there are “no obvious reasons” for creating a national cryptocurrency.
Cover image via www.123rf.com

According to Tass, the head of Russia’s central bank Elvira Nabiullina, speaking at the Finopolis forum of innovative financial technologies, cast doubt on the need to create a national cryptocurrency.

No bright future for crypto fans

Nabiullina noted that she doesn’t see the advantages that the national cryptocurrency can give, and on this occasion said the following, speaking to Deputy Governor of the People’s Bank of China Fan Yifei:

"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."

Same course

The words of the central bank head only confirm the chosen course of the country. Before, Nabiullina repeatedly emphasized that the regulator doesn’t support the legalization of cryptocurrencies as a legitimate means of payment, but sees the prospects of blockchain technology. The regulation of digital currencies in Russia is actively continuing.

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future.