Cryptocurrencies are expanding their reach around the world and are changing the way in which some individuals make transactions and pay for goods and services. However, governments cannot still find a way to regulate them. Russia is one of the countries that is going to be implementing crypto regulations in the next weeks. At the same time, the head of the Central Bank of Russia Elvira Nabiullina praised blockchain technology and discussed whether it would be better for citizens to use digital assets rather than fiat currencies.
Elvira Nabiullina Talks About Crypto
There are many use cases related to blockchain and virtual currencies and different countries, companies and individuals are already using them. One of the main topics related to cryptocurrencies is whether they will be able to replace fiat currencies in the near future.
According to the Russian news site TASS, the Bank of Russia is thinking about issuing its own cryptocurrency. However, they do not see this as a priority. In a recent statement made to the Russian press, the head of the Central Bank of Russia Elvira Nabiullina, said that it seems more convenient for citizens to use cryptocurrencies.
Moreover, she commented that the government is still working on a legal framework for virtual currencies. Nonetheless, she considers digital assets must mature a little before these digital assets can be considered a state policy for the country.
About it, Nabiullina commented:
“Indeed, the Central Bank Digital Currency cannot be realized immediately, however many central banks, including the Russian Central Bank, are exploring this possibility .. If we are talking about the national currency, which works as a whole in the country, that is, these are not private assets, of course, this requires that the technology allows ensuring reliability and continuity.”
She went on saying that technologies must be mature, including distributed registry technologies.
A few days ago, we wrote at UseTheBitcoin that Russia could be ready to legalize virtual currencies and Initial Coin Offerings (ICOs). The Russian State Duma is expected to adopt new regulations for digital currencies and ICOs, which is going to help the government control the market, impose sanctions and protect investors.
The decision to wait so long before creating regulations for virtual currencies is due to the fact that the Financial Action Task Force (FATF) required to expand the terminology of the legislation in the country.
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