The Russian central bank has announced they are looking into launching their own cryptocurrency.
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Elvira Nabiullina, Chairwoman of the Russian central bank (Bank of Russia), stated the planned cryptocurrency project “cannot be realized immediately,” however, several central banks, including Bank of Russia, are investigating the possibility.
Nabiullina said the technology behind a central bank digital currency (CBDC) must guarantee “reliability and continuity.”
“Technologies must be mature, including technologies of distributed registries,” Nabiullina said.
“It will be more convenient, it is electronic money for people, for citizens. Are we ready, as a society, to refuse cash?”
Russia, who was previously very crypto-skeptical, has begun to change their stance, easing towards a pro-crypto approach.
Last month, Bank of Russia stated they would consider a gold-backed cryptocurrency to assist international payments.
The Duma, Russia’s lower legislative house, continues towards passing pro-cryptocurrency legislation, though previous goals of spring session completion are not likely.