Fun

Russian Central Bank Chief: ‘No Obvious Need’ for National Cryptocurrency

News Feed - 2019-10-10 07:10:37

Russia’s central bank sees no strong reason to launch a national cryptocurrency that would override the potential risks, according to its head.


As reported by Tass on Thursday, Elvira Nabiullina, chairwoman  of the Bank of Russia, said her institution had been investigating the possibility of a central bank digital currency (CBDC) and the need the launch the new technology “is not obvious for us.”


Talking at the forum of innovative financial technologies, Finopolis, in Sochi, Russia,  Nabiullina explained: “Not only for technological reasons, but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”


Back in June, the bank chief had said the institution could one day launch its own digital currency.


While “electric money” may be more convenient, she said at the time, Nabiullina added, “Are we ready, as a society, to refuse cash?”


At the Finopolis event, Nabiullina had been addressing her comments to deputy governor of the People’s Bank of China Fan Yifei, Tass said.


Fan also told the forum that China, which itself is planning to soon launch a national cryptocurrency, believes that it is important to work with other central banks on developing regulatory standards for CBDCs.


The People’s bank of China recently denied that its digital yuan would be launched as soon as November. Fan further explained in his comments that the PBoC will first carry out studies that will include other nations’ experiences with cryptocurrencies.


Elvira Nabiullina image via Shutterstock

News Feed

Bitcoin futures open interest hits all-time high — Is it a red flag for BTC price?
Marcel Pechman2 hours agoBitcoin futures open interest hits all-time high — Is it a red flag for BTC price?Traders’ strong appetite for leverage could be creating the perfect scenario for cascading liquidations.3891
Ukraine Crypto Donations: Government Now Accepts Over 70 Crypto Assets
Ukraine Crypto Donations: Government Now Accepts Over 70 Crypto Assets Crypto payment processor Coingate and International Business Settlement (IBS) have started an arrangement wit
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius
Core Scientific to Shut Down 37,000 Bitcoin Mining Rigs Belonging to Bankrupt Crypto Lender Celsius Core Scientific plans to shut down 37,000 bitcoin mining rigs belonging to now-d
Crypto miners face energy refusal, restriction in Canadian provinces
Derek Andersen2 hours agoCrypto miners face energy refusal, restriction in Canadian provincesManitoba is extending a moratorium on new power connections, and British Columbia is introducing legislation that could prohibi
Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering
Dutch Police Seize $33 Million in Bitcoin from Couple Accused of Money Laundering Prosecutors from the Netherlands have seized 2,532 bitcoins worth $33 million a
SEC’s Court Hearing on Telegram Token Delayed Till Next Year
Telegram will have to wait to make its case to the U.S. Securities and Exchange Commission (SEC) that its “gram” token is not a security. According to the latest court f
EigenLayer’s EIGEN cracks top 100 market rank in trading debut
Alex O’Donnell9 hours agoEigenLayer’s EIGEN cracks top 100 market rank in trading debutEigenLayer’s native token unlocked at 5:00 am UTC on Oct. 1 and has been trading at just under $4 per token, or around a $6.5-b
While Known Mining Pools Currently Dominate, Unknown Miners Discovered the Most Bitcoin Blocks During the Last 13 Years
While Known Mining Pools Currently Dominate, Unknown Miners Discovered the Most Bitcoin Blocks During the Last 13 Years The Bitcoin network has been operational for 5,012 days and
Major Turkish Crypto Exchange Coinzo Shuts Down
Major Turkish Crypto Exchange Coinzo Shuts Down Coinzo, one of Turkey’s largest cryptocurrency exchanges, is terminating itsdigital assettrading services. The platform said
ASI token merger phase 1 results in delisting of AGIX, OCEAN
Arijit Sarkar14 hours agoASI token merger phase 1 results in delisting of AGIX, OCEANThe initial phase of the ASI token merger sees AGIX and OCEAN tokens integrate into Fetch.ai’s FET with limited exchange support.3591
Pundit Sounds Major Crash Alarm For XRP Price As ’12-Year Cycle’ Comes To An End
Este artículo también está disponible en español. XRP has been forming a red bearish candlesince the beginning of February, which is a result of a price crash that took p
Martin Young4 hours agoBinance launches crypto-to-bank account payment product in Latin AmericaBinance’s Send Cash product will facilitate crypto payments from nine countries to bank accounts based in Argentina and Col