A lot of risks and few advantages in the release of Russian cryptocurrency

The Bank of Russia is studying the case of issuing a national digital currency, but has not yet seen an advantage in this, said the Bank of Russia head – Elvira Nabiullina.

“We, as the Russian Central Bank, also studied this topic and are studying it. And it is not obvious to us that it is necessary to issue such a national cryptocurrency not only for technological reasons, but also in order to really appreciate what advantage the national digital currency will give, for example, in comparison with existing electronic non-cash payments” – said Nabiullina, Interfax reports.

“There are many risks, and the benefits may not be obvious enough” – the head of the Central Bank added.

Nabiullina said in June that the Bank of Russia is exploring the possibility of launching its own digital currency, as well as the advantages and disadvantages of this step.

“Cryptocurrency combines two characteristics: on the one hand, cryptocurrency is used as a means of payment, on the other hand, it is a high-tech financial pyramid. Naturally, I do not recommend anyone to invest in something that does not carry any obligations.

financial institution

The use of digital currency as a means of payment creates a certain demand, which arises, among other things, because cryptocurrencies can bypass certain regulatory restrictions, but this is a temporary phenomenon. All regulators agree that such restrictions should not be circumvented. Accordingly, the future of cryptocurrencies is in deep fog” – said Central Bank Deputy Chairman Sergei Shvetsov.

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