Copy link
Increase text size
Decrease text size
Link copied

Russian Central Bank considers CBDC issuance, but not "right away"

Tue, 18 Jun 2019, 03:26 am UTC

Russian central bank’s chairman Elvira Nabiullina said the country is considering the issuance of its central bank digital currency (CBDC), but it will not be anytime soon, local media news outlet TASS reported.

Speaking at a student conference in Skolkovo, Nabiullina noted CBDC cannot be realized right away, but the Russian central bank is looking into the possibility. She also stressed the need to ensure the reliability of distributed ledger technology (DLT) before implementing this project.

If we are talking about the national currency, which works as a whole in the country, that is, these are not private assets, of course, this requires that the technology allows ensuring reliability and continuity. Technologies must be mature, including technologies of distributed registries,” she said.

In addition, Nabiullina also challenged the public’s readiness to go cash-free, noting that while some countries are virtually cashless, high demand for cash is still seen in many nations.

It’s not so much because people want to perform some dubious operations,” she explained. “People often value their privacy, anonymity. Of course, the spread of non-anonymous Digital currencies are in some sense the readiness of society.”

She also advised CBDC researchers to further evaluate the benefits of issuing CBDC and compare them with the advantages of other technologies, including fast payments.

As previously reported, Russia’s parliament, the State of Duma, is also considering imposing administrative penalties for cryptocurrency miners who are using open blockchains, revealing that operations related to cryptocurrencies that are not covered by the Russian laws will be considered as illegal.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,234.41 (+0.45%)
  • Ethereum (ETH) $239.62 (+0.29%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $229.14 (-0.04%)
  • Bitcoin SV (BSV) $181.60 (+0.90%)
  • Bitcoin (BTC) $9,234.41 (+0.45%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft