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

  •  Denis Sinyavskiy
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    The head of Russia’s Central Bank said that there are “no obvious reasons” for creating a national cryptocurrency.

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

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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.

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Nationwide Blockchain of China Finally Preparing for Launch

  •  Denis Sinyavskiy
    📰 News

    China launching nationwide blockchain service in beta mode until March 2020. It must push forward digital economy and smart cities

Nationwide Blockchain of China Finally Preparing for Launch
Cover image via www.123rf.com

China continues to take steps toward the digital economy and smart cities by officially releasing a nationwide blockchain service network, XINHUANET says.

Blockchain service network expectations

UnionPay, State Information Center (SIC), China Mobile and three other organizations worked on a system that will help China lead the blockchain technology market. Blockchain beta testing has already been announced and will last until March 2020, and all content and services will be available for free till that date.

BSN is expected to accelerate the development of digital technology and smart cities, as well as foster the development of new technology and industries.

What about CBDC?

Earlier, U.Today reported, that China has come close to creating its own cryptocurrency and may even launch it this fall, but then there was information that the national digital currency will appear later.

But China will not become the first country to introduce a national cryptocurrency. The Kingdom of Bhutan has already done it this month, as we already reported.

So, what do you think? Does the launch of China's national blockchain mean that the country will become a leader? Write what you think about this in the comments section!

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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.

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