The Central Bank of Russia is weighing out options for coming out with their national cryptocurrency in the light of the magnanimous benefits it can bring along. This announcement comes in sync with Prime Minister Igor Shuvalov’s previous support towards the introduction of “cryptoruble”. He was recently quoted as saying “I am a supporter of cryptocurrencies. I believe that a cryptoruble should exist” during an interview with RBC.
Olga Skorobogatova, the Deputy Governor in Central Bank of the Russian Federation feels that the benefits of bringing in crypto drive far outweighs the associated risks. She was recently quoted at the conference for Finopolis Forum of Innovative Financial Technologies as stating, “the creation of a national cryptocurrency stimulates the growth of non-cash payments and electronic payments, including, possibly, cross-border payments.”
She also added that, “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” claiming that the arrival of crypto power would help solve the cash avoiding issue.
For gaining momentum in its operation, the central bank will start imparting education about the cryptocurrency plethora amongst common masses. Mikhail Mamuta, the head of Consumer Protection Services at Central Bank Russia feels that this move shall minimize basic mistakes increasingly committed by investors.
Russian finance ministry is also taking leaps towards integrating cryptocurrency with the country’s financial literacy strategy which is all set to get implemented within 2017 and 2023 under the joint purview of the World Bank and the Russian ministry. The Russian Finance Ministry has also proposed for a cryptocurrency education programme.
Previously the central bank has always shied away from the prospects of legalizing cryptocurrencies like Bitcoin. Elvira Nabiullina, the bank’s governor stated that the legalization of such digital currencies “is actually a loss of control over the money flows from abroad.” In a press conference, Olga Skorobogatova agreed to the fact that cryptocurrencies do open the floodgate to money laundering. She was also quoted as saying:
“ The central bank and colleagues from other countries are analyzing possible options for its solution within the framework of the international committee on payment and market systems. At the end of November, the [international] committee will present developed approaches to this and other issues of the cryptocurrency regulation in its first report.”
More Countries looking to launch it’s own Cryptocurrencies
In January 2016, China’s National Bank announced to launch it’s own cryptocurrency. Following China, England also plans the same. Bank of England is also set to launch it’s own cryptocurrency called “RS COIN”.
The RS COIN will also be using Blockchain Technology and working same like Bitcoin but with a major difference, that RS COIN will be centralized.
It is not only Russia that is looking to introduce it’s own cryptocurrencies. A news came in late August that Estonia is also willing to launch it’s own cryptocurrency. Estonia’s own cryptocucurrency named “Estcoins” for being put to use by Estonian e-residents across the globe conducting business over internet medium has been hogging the limelight since the last few days. This new cryptocurrency form will be developed in association with Vitalik Buterin, the founder of Ethereum.
Reserve Bank Of India (RBI), country’s central bank says that is also looking for a fiat cryptocurrency. RBI does not favours decentralized cryptocurrency like Bitcoin, but plans to launch it’s own cryptocurrency. Rumors are coming in that India may launch it’s own Cryptocurrency called Lakshmi Coin, named after the Hindu Goddess- Lakshmi.
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