October 22, 2020

Bank of Russia tests stablecoins and studies prospects for launching digital ruble

Bank of Russia tests stablecoins and studies prospects for launching digital ruble

Chairman of the Central Bank Elvira Nabiullina spoke about testing stablecoins in the regulatory “sandbox” and actively studying the issue of issuing a national digital currency.

She told Interfax that she was currentlyin the sandbox, companies experience tokens secured by real assets. Having added that the regulator does not consider the possibility of using them as a means of payment or a money substitute.

However, Elvira Nabiullina said that the Central Bank continues to study the issue of release. own digital currency for an accurate understandingits influence on the financial system of the state and the prospects for its use not only as a way of settlements between citizens, but also between legal entities.

According to the head of the Central Bank, the launch of digitalThe ruble can have serious consequences, both for the Russian economy as a whole and for its individual entities, for example, commercial banks, so this issue should be approached with caution.

She also noted the fading interest in the topic.cryptocurrencies over the past two years, but indicated the presence of a certain percentage of supporters of this asset class, some of which are not interested in earning money on speculations and pursue ideological goals. However, back in October, the Central Bank made it clear that it was categorically against the legalization of public cryptocurrencies in Russia.

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