State Duma deputy calls on Russia and Azerbaijan to create their own cryptocurrencies

The Russian official believes that the authorities of Russia and Azerbaijan should not lag behind global trendsdigitalization of the financial sector and create your own CBDC.

Deputy Chairman of the State Duma Committee on Education and ScienceRF Boris Chernyshov during the online conference “Russia-Azerbaijan” noted that it is time for countries to pay attention to cryptocurrency and start working on their own national digital coin.

According to the official, e-commerce anddigital payments are confidently replacing fiat transactions. A new global trend makes us pay attention and seriously consider the possibility of issuing a national cryptocurrency. 

The politician noted that China has already completeddevelopment of digital currency and prepares the legislative framework governing its circulation. "Russia and Azerbaijan should not stand aside, because this is the history of the future and we will all face it."

Russian business has repeatedly turned togovernment with a proposal to legalize cryptocurrencies in the country. However, while the introduction of cryptocurrency legislation is postponed, the country's Central Bank has banned the circulation and use of private cryptocurrencies as a means of payment. Moreover, Russia is ready to introduce an “experimental legal regime” for testing and developing digital technologies.

Azerbaijan is actively using the capabilities of blockchain technology in public administration, but so far, according to representatives of the bank, they are not going to issue a national cryptocurrency.