Central Bank of Russia proposes the development of a national cryptocurrency

After studying the many benefits that digital economy can bring to the country, the Central Bank of Russia is contemplating the launch of a national cryptocurrency, a possibility that would give continuity to the efforts of Deputy Prime Minister Igor Shuvalov to introduce the so-called “cryptoruble”; as for Bitcoin and the rest of the cryptocurrencies, the leaders of the institution remain skeptical.

Recently, the Tass media reported that, according to Lieutenant Governor of the Central Bank of the Russian Federation, Olga Skorobogatova, the company is aware of the large number of benefits that a national cryptomoneda could integrate into the economy of the country. According to the newspaper, in a press conference held at the Forum of Innovative Financial Technologies in Finopolis, the representative of the institution told journalists that “a national crypto-currency would stimulate the growth of transactions that do not involve money in cash, including, of course, cross-border payments “.

In particular, Skorobogatova’s words were as follows:

“It is becoming more profitable for users to pay for goods and services using electronic wallets. A national criptomoneda could play the role of catalyst to be used in a broader sense. “

She also argued that the Central Bank will focus on educating citizens about cryptones and their properties, and spoke about the recent case of fake bitcoins that were sold near a supermarket in the town of Obninsk. For his part, the head of Consumer Protection Services, Mikhail Mamuta, explained:

“The Central Bank will pay more attention to the increase in financial literacy in this area, with the aim of minimizing the basic errors.”

It should be noted that, at the beginning of the week, the Bitcoin.com portal reported that the Russian Ministry of Finance proposed to incorporate the cryptocurrencies into this financial literacy strategy. The project, which will be launched in 2017 and culminated in 2023, has been structured by Jim Yong Kim’s ministry and World Bank Group.

Similarly, according to the newspaper Parliamentary Newspaper, Deputy Minister Igor Shuvalov also emphasized the need to create a national digital currency to strengthen the country’s economy. In an interview given in August, the politician stated:

“I am adept at the concept proposed by the criptomonedas. I think we should have our ‘cryptologist’. “

It is worth repeating that the Central Bank of Russia has repeatedly pronounced against the legalization of Bitcoin and other digital currencies. Last month a meeting was held between President Vladimir Putin and spokespersons from numerous business circles and various associations in the country, where Elvira Nabiullina, governor of the Central Bank, said that the legalization of cryptocurrencies means “loss of control over the flows of money that come from abroad. ”

Thus, Nabiullina’s stance is in line with the latest statement issued by the bank on digital currencies. One of the highlights of that publication was:

“Regarding the use of cryptoactive, it is necessary to clarify that, according to the current legislation, the official currency of the Russian Federation is the ruble. The issue of monetary substitutes is not allowed. “

But returning to the forum held in Finopolis, Skorobogatova also expressed the topic most named by those who do not sympathize with the cryptocurrencies, saying that the same is ideal for money laundering and that so far no legislator has proposed to answer the questions to combat it. Finally, he announced that the Central Bank and its colleagues from other countries are analyzing options to outline a solution that will be presented to the International Committee on Payment Systems. According to Skorobogatova:

At the end of November, the International Committee will evaluate proposals on the regulation of cryptones.