The head of the Russian Central Bank Confirmed the Government Interest in Stablecoins
The head of the Central Bank of the Russian Federation Elvira Nabiullina said that one of the divisions of the regulatory “sandbox” has already begun testing stable cryptocurrencies. She claims that various companies that are going to issue stable digital coins apply to the Central Bank. Then the employees of the main financial enterprise of the state are studying the mechanisms of their tokens. The first thing is to define what exactly these digital assets are:
  • means of payment;
  • money substitute.
Besides, the head of the Central Bank of Russia officially confirmed rumors about the intention to issue her own stable coin. “First of all, we need to understand the advantages for our citizens and business, compared to quick payment systems, because the issue of the digital RUB can cause serious changes the structure of the financial market, as well as facilitate decreasing of deposits and the flow of funds,” she said. After that, Nabiullina noted a general decline in the interest of Russians in digital currencies. “Nevertheless, there are those who sincerely believe in this prospect. And not only those who would like to earn. In fact, this is the creation of a system of private money without government intervention,” Nabiullina added. Recall, earlier we wrote that 40% of residents of the Russian Federation consider Bitcoin a useless gift for the New Year 2020.