The Bank of Russia is willing to follow the path of other global central banks in terms of digital money. Elvira Nabiullina, the Chair of the Bank of Russia, stated at a student conference that the regulator might launch its own digital currency one day, though she did not specify a deadline for the project.
Eventually, Russia’s monetary authorities have revised its stance on cryptocurrencies from skeptical towards positive. The idea of digital money appeared in 2010. The first virtual currency was introduced to the world community in 2012. Soon, consumers and investors realized all its benefits. As a result of the enormous popularity, the price of bitcoin, the most traded cryptocurrency, skyrocketed to nearly $20,000 per token in late 2017, beating bold expectations. Interestingly, the Bank of Russia used to reject flatly the concept of a decentralized anonymous digital technology of transactions. Now, it acknowledges its advantages. What is more, the serious intentions of the central bank is proven by the fact that Russia’s lower house of the Federal Assembly has set about developing the legislation on cryptocurrencies.
Elvira Nabiullina told the student conference that the project “cannot be realized immediately, though various central banks, including the Bank of Russia, are investigating the possibility.” She found the right target audience who would cheer the idea of electronic money and a cashless society. The Chairwoman said that “Technologies must be mature, including technologies of distributed registries.” Remarkably, the reality in Russia contrasts with pompous statements. The Bank of Russia plans to limit the amount which Russian citizens is permitted to spend on a cryptocurrency. The amount is capped at 600,000 rubles per year (roughly $9,500).
