Bank Of Russia Says National Cryptocurrency Is Not Necessary

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Chairwoman of Central Bank of Russia, Elvira Nabiullina said that national cryptocurrency is not necessary to be issued as there is no obvious need, which is contradicting to her “the institution could one day launch its own digital currency” statement in June.

Nabiullina stated that the decision was made after analysing the idea of virtual currencies, at the Finopolis forum of innovative financial technologies. “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”, she explained.

At the same time, the Deputy Governor of the People’s Bank of China, Fan Yifei added that it is vital to carry out an investigation on the experience and involvement of other parts of the world in terms of cryptocurrency, to ensure the necessity.

It is also worth taking a look at Deputy Minister of Finance, Alexei Moiseev’s statement of Russia’s plan to regulate digital currencies under three categories such as technical tokens, virtual assets and digital financial assets.