Russia’s Central Bank considers issuing its own cryptocurrency

The head of the Russian Central Bank is considering the issuance of the proprietary digital currency (Central Bank Digital Currency or CBDC), the head of the bank, Elvira Nabiullina, said recently, speaking at the student conference in Skolkovo.

“Indeed, the Central Bank Digital Currency cannot be launched instantly, however, many central banks, including Russian, have been studying this possibility,” she explained, cited by the local media outlet Tass.

Elaborating on the issue, Nabilullina added that such a project requires sustainable and secure technologies that will ensure stable and interruption-free functioning of the system. 

“The technologies should be mature, and distributed ledger technologies are no exception here,” she said/

The willingness of society to shift from cash to digital forms of money is another aspect to be considered. At this stage, the answer to this question is not evident as cash remains the preferred type of money in many countries, according to Nabiullina. 

“This is not because they are engaged in some illegal activities. People value their privacy and anonymity. Surely, the spread of non-anonymous digital currencies means that society should be ready for them.”