The Head of Central Bank of Russia, Elvira Nabiullina, doesn’t think the country requires a national digital currency of its own, as per the reports of Russia’s news outlet Tass. Nabiullina also disclosed that the Bank of Russia had been studying the matter, and the requirement of issuing a national digital currency does not seem obvious for them. The Russian Central Bank head expressed her thoughts during an innovative fintech forum, titled Finopolis, held in Russia’s Sochi.
While explaining their stance, Nabiullina said that the basis of their decision is not just restricted to technological reasons. It is also because they found it difficult to estimate what true benefits would the national crypto provide, for instance, when compared to the current non-cash electronic payments. She pointed out that there are multiple risks, while the benefits might “not be obvious enough,” according to the reports.
This new revelation comes quite as a surprise as back in the month of June this year, the bank president had said that the institution was considering to unveil its own digital currency one day. In addition, Nabiullina also stated at the time that they were looking at the possibilities. However, such type of project takes time to realize.
Meanwhile, the largest bank of Russia, Sberbank, decided to scrap its plan of developing a cryptocurrency back in May 2019 due to the adverse regulatory scenario.