Cryptocurrency can increase the efficiency of transnational payments. This was stated by the Bank of Russia Financial Stability Department Director Elizaveta Danilova during the expert discussion “Digital Currencies: Potential Risks and Benefits”. The discussion was held as part of the Gaidar Forum organized by RANEPA.
“The current cryptocurrency is needed to implement one goal – to increase the efficiency of cross-border payments. Other alternative payment systems perform the same task. It is not yet known which of them will win” – the Bank of Russia representative explained.
According to her, it is important that alternative payment systems are reliable, money should not be laundered through them. Then they can become a boon to the financial sector.
Elena Sinelnikova-Muryleva, a senior researcher at the Center for the Study of Central Bank Problems in the RANEPA, added that large banks are working on their blockchain payment systems.
“These banks are not as careful as the central banks of different countries. In the future, their systems can seriously compete with cryptocurrencies” – the expert concluded.