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Introduction of national cryptocurrency requires examination — Central Bank chief

Deputy chairperson of the Central Bank said earlier that Russia has plans to develop a domestic virtual currency

MOSCOW, June 5. /TASS/. The issue of national cryptocurrency introduction as the analog for the ruble requires examination, Chairperson of the Bank of Russia Elvira Nabiullina said on Monday.

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Russia’s Central Bank to develop national cryptocurrency

"Financial regulators of the majority of countries are at the examination stage of this phenomenon. Many of those legalizing [cryptocurrencies] are legalizing them as digital assets, rather than as substitutes or analogs for the national currency," the banker said.

If cryptocurrencies are viewed as a digital asset or a digital security, the Central Bank can "consider the way for us to move quicker," Nabiullina said. "If the currency nature is exactly the case in point, then it will definitely require much more time," she added.

Russia has plans to develop a domestic virtual currency, Deputy Chairperson of the Bank of Russia Olga Skorobogatova said earlier at the St. Petersburg International Economic Forum.

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