Bank of Russia Pushes For National Cryptocurrency

October 6, 2017 8:49 pm Published by
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The Russian Central Bank said on Friday that they were contemplating creating a national cryptocurrency after seeing several benefits that the move could create for the country, according to

Deputy Governor of the Central Bank of the Russian Federation, Olga Skorobogatova, said the bank sees many benefits of a national cryptocurrency.

During a press conference for the Finopolis forum of Innovative Financial Technologies, Skorobogatova said that “the creation of a national cryptocurrency stimulates the growth of non-cash payments and electronic payments, including, possibly, cross-border payments.”

Skorobogatova went on to say it would help solve issues around avoiding cash since, “It is becoming more convenient for all users to pay for goods and services through electronic wallets, and the digital currency can play the role of a catalyst for using it for payments in a broader sense.”

Skorobogatova also said that the central bank will be educating the population about cryptocurrencies, pointing to the recent case of fake bitcoins being sold near a supermarket in Obninsk, a city southwest of Moscow.

“The Central Bank will pay more attention to increasing financial literacy in this area in order to minimize basic mistakes,” the bank’s head of Consumer Protection Services, Mikhail Mamuta, said at the forum.

The Russian finance ministry also proposed adding cryptocurrency to the country’s financial literacy strategy, which would be implemented between 2017 and 2023.

First Deputy Prime Minister Igor Shuvalov also said the move would help strengthen the Russian economy, according to the Parliamentary Newspaper.

“I am a supporter of cryptocurrencies. I believe that a cryptoruble should exist,” Shuvalov said.

The central bank previously spoke against the legalization of cryptocurrencies like Bitcoin.

With the bank’s governor Elvira Nabiullina saying that the legalization of them “is actually a loss of control over the money flows from abroad.”

Skorobogatova also said that Russia needed to investigate the issue of anonymity for cryptocurrencies since it could be associated with money laundering and “so far no regulator has answered this question.”, Maureen Foody

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