Digital ruble to give the Russians what they need, says the governor of the Bank of Russia
Digital ruble to give the Russians what they need, says the governor of the Bank of Russia
The digital ruble is what the Russian citizens need because it enables inexpensive and reliable payments, said the head of the Bank of Russia, Elvira Nabiullina, the participants of an international banking forum. The governor also warned that cryptocurrencies and fiat-supported stable coins pose risks to financial stability.
nabiullina from CBR praises the concept of the digital ruble and rejects cryptocurrencies
The central bank of Russia ( CBR ) takes cryptocurrencies and stable coins very seriously, since they represent risks to the financial stability of the country, said the head of the currency authority during a boom of the currency authority of the Bank of Finland organized conference. Russia looks at both types of private tokens with caution, told Elvira Nabiullina to the audience by video call and at the same time shared the Russian perspective on digital currencies of central banks ( cbdcs ).
The occurrence of cryptocurrencies and especially global stable coins in emerging countries could increase the currency substitution and displace fiat currencies, explained Nabiullina. As a result, the risks of financial stability could increase, while the monetary transmission mechanism could weaker, added the high -ranking civil servant to the Russian project of the digital ruble during her presentation. She further emphasized:
The executive noticed that the Bank of Russia does not allow private cryptocurrencies in the Russian payment system. In her explanation, she confirmed the long -term position of the regulatory authority against the approval of the free circulation of Bitcoin and the like that she often calls: Gelder set . " The central bank claims that according to the applicable Russian law, the ruble is the only legal means of payment.
The digital ruble, the third incarnation of the national Fiat currency after cash and bank money, will also have the status of a legal means of payment, which means that retailers have to accept it, explained Elvira Nabiullina. The Russian Federation is now preparing for adopt the necessary legal regulations, introduction of a target = "_ blank" href = "https://news.Bitcoin.com/bank-of-russia-to-digital-digital-ruble-prototype-by-end-year/" Rel = "noopener"> prototype , and start attempts with the participation of commercial banks and other organizations.