Russian Central Bank Chief Says No To National Cryptocurrency
On Sep 12, 2020
Chief of Russian Central bank Elvira Nabiullina has denied launching a central bank-backed digital currency. She said that they have been investigating the possibility of a central bank digital currency, and they don’t see any need to launch the digital currency. China has already announced the launch of its national digital currency.
Since Facebook announced the launch of its cryptocurrency Libra the debate surrounding digital currencies among international authorities has been in the spotlight. Earlier, China announced that to compete with the Libra government will launch the digital version of Yuan. However, the date of the launch has not been announced.
The Government-backed Digital Currency
According to a Tass report, the Chief of the Russian Central bank has denied any need to launch the government-backed digital currency. Elvira Nabiullina said that not only for technological reasons but also it is difficult to estimate what advantages the national digital currency will give, for example, in comparison with existing electronic non-cash payments.
She added that there are so many risks, and advantages may not be obvious enough. However, back in June, the bank had indicated that one day, it could launch its own cryptocurrency. The chief believes that while electronic money may be more convenient, but as a society, we are not ready to refuse cash yet.