Governor of the Central Bank of Russia: One day we can extract crypto money

Russia crypto money

Bank of Russia Governor Elvira Nabiullina said his institution could issue its own crypto money, but it could not happen immediately.

According to the news in CoinDesk, Governor of the Bank of Russia Elvira Nabiullina said his institution may one day issue its own crypto money.

Central Bank of Russia, Crypto money

Speaking at a student conference on Saturday, Nabiullina said that such a thing could not be done immediately, but that several central banks, including the Bank of Russia, are investigating this possibility.

CBDCs (central banks’ crypto money) is useful to ensure the reliability and continuity of the key technology used to ensure the reliability and continuity of Nabiullina, “Distributed notebook technology, including technologies need to develop a little more.” He said.

Asked whether citizens were ready to leave the paper money behind, Nabiullina answered:

Electronic money will be more useful for people and citizens. Are we ready to reject paper money as a society? ”

Noting that some nations have almost completely removed paper money from their lives, others are still very fond of paper money, Nabiullina said, most of those who took paper money out of their lives didn’t do it for illegal activities, but for privacy and anonymity.

Nabiullina, who recently advised central bank researchers, told them that they should compare CBDCs with other methods, such as rapid banking payments.

Nabiullina said last month that the Bank of Russia will consider a gold-backed crypto currency that will facilitate international payments, but said that the current nominal payment systems in the Eurasian Economic Union already have good dynamics and continue to be developed.

The Duma, the lower wing of the Russian parliament, is preparing to pass a bill on crypto currencies, but it seems that the completion of preparations will not reach the spring.

All in all, the Russian authorities seem to have softened the old hawk attitudes to the crypto currency.

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