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Cryptocurrencies

Bank of Russia ponders over launching a digital currency

Tuesday 18 June 2019 | 10:55 AM CET

The Bank of Russia has been investigating the possibility of launching its own digital currency, according to the head of Russia’s central bank.

Key to the utility of a central bank digital currency (CBDC) is that the technology must ensure “reliability and continuity”. Moreover, “technologies must be mature, including technologies of distributed registries”. Still, a question over this intent is whether citizens are ready to leave cash behind.

While some nations have become almost cash-free, others are still fond of physical money, not so much for illicit reasons, but because they value privacy and anonymity. The head of Russia’s central bank finished with some advice to the central bank’s researchers, saying they should compare the advantages of CBDCs over other methods, such as fast bank payments.

In May 2019, the central bank said it would consider the use of a gold-backed cryptocurrency to facilitate international settlements. Also the Duma, Russia’s lower legislative house, is also moving towards passing cryptocurrency legislation, according to CoinDesk.

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