Russia will create its own cryptocurrency

Russia will create its own cryptocurrency

National cryptocurrency push by Russia’s Central bank

While the central bank remains cynical about other foreign cryptocurrencies like bitcoin, it sees a national equivalent as a possibility. As it anticipates the benefits that a cryptocurrency would bring to a country’s economy, the Russian central bank is set to institute a national cryptocurrency.

Central Bank Favors a National currency

Olga Skorobogatova Russian Federation Central Bank’s Deputy Governor highlighted the specific benefits that a national cryptocurrency is set to bring at the Innovative Financial Technologies Finopolis Forum.

She spoke to reporters at the press conference that a national cryptocurrency will stimulate and make convenient electronic payments and non-cash payments especially the cross-border disbursements to expand in growth.

She also added that literacy about cryptocurrency for the population is key following the recent sale of fake bitcoin in Obninsk, Moscow. The view seems to attract more support from Mikhail Mamuta, Consumer Protection Services head, who sees it as a move towards minimizing elementary mistakes and the finance ministry that suggested a strategy for financial literacy.

Opposition to other foreign cryptocurrencies

Central bank’s governor, Elvira Nabiullin, spoke against cryptocurrencies legalization in a meeting last month where Russian business circles representatives met with President Vladimir Putin. She said that it would help regulate against loss of money from abroad that seems like a surrogate for the Russian federation rubble.

Skorobogatova further pointed out, at the forum’s press conference, that the international committee is thinking about a framework on how to deal with cryptocurrencies anonymity to curb money laundering.