The central bank of Russia is thinking about the digital currency launch

The central bank of Russia is thinking about the digital currency launch

Russia’s central bank chief said that the bank may create its own digital currency.

On an appointment with students, chairwoman Elvira Nabiulina mentioned that it is not possible to perform this project rapidly but the majority of world’s central banks, including Russia’s, are taking into consideration the chance of digital currency development.

She mentioned that innovative technologies need to become experienced and must increase in security and continuity so that the CB will start to think about its digital currency project.

The opposite side that concerns Nabiulina is if the nation is willing to leave the cash behind. Some societies have already left cash and are using digital money in everyday life, but some societies are not ready for this step yet.

She ended her speech with guidance to researchers of the CB, telling they should examine positive sides of the CB's digital currency with other methods of payments.

The Russian government is slowly softening towards the crypto industry lately. For example, in May 2019 Nabiulina announced that the central bank is going to admit the application of gold-backed currencies to facilitate worldwide agreements.

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