Russian Central Bank Deliberates A National Cryptocurrency

“THE CENTRAL BANK WILL PAY MORE ATTENTION TO INCREASING FINANCIAL LITERACY IN THIS AREA IN ORDER TO MINIMIZE BASIC MISTAKES,” – MIKHAIL MAMUTA

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The Russian Central Bank is considering designing a nationalized cryptocurrency, citing numerous remunerations the technology could yield.

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Olga Skorobogatova, Deputy Governor of the Central Bank stated to reporters that “the creation of a national cryptocurrency stimulates the growth of non-cash payments and electronic payments, including, possibly, cross-border payments.”

Olga Skorobogatova
Olga Skorobogatova

“It is becoming more convenient for all users to pay for goods and services through electronic wallets, and the digital currency can play the role of a catalyst for using it for payments in a broader sense,” said Skorobogatova.

Furthermore, Skorobogatova wants the central bank to focus on cryptocurrency education, mentioning the latest example of imitation bitcoins sold in Obninsk, a city southwest of Moscow.

Mikhail Mamuta
Mikhail Mamuta

“The Central Bank will pay more attention to increasing financial literacy in this area in order to minimize basic mistakes,” said Mikhail Mamuta, the bank’s head of Consumer Protection Services.

Not everyone in Russia is pro-crypto though.

Experts predict that bitcoin could reach $6,000 before the end of this year.

In the meeting between President Vladimir Putin and representatives of Russian business circles last month, the bank’s governor Elvira Nabiullina believed that their validation “is actually a loss of control over the money flows from abroad.”

Nabiullina’s stance echoes the bank’s prior statement concerning cryptocurrency.

“Concerning the use of cryptocurrency, according to the current legislation, the official currency of the Russian Federation is the ruble. The issue of monetary surrogates in the territory of the Russian Federation is not allowed,” the bank wrote.

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