The Central Bank of Russia opposes the use of bitcoin as a means of payment for settlements within the country, according to the Chairman of the bank, Elvira Nabiullina, who also added that, in general, the organization sees no harm in digital currencies, except in cases when they are “used for questionable transactions.”
Nabiullina stressed that the authorities should not support the cryptocurrency market, however, adding that residents of Russia need to be given an alternative to cryptocurrencies, and at the moment the Bank of Russia is engaged in the development of such digital projects. It was previously announced that the digital ruble should help to solve this problem.
“We treat extremely negatively cryptocurrencies as private currencies that claim to be money. These cryptocurrencies are anonymous, no one is responsible for them, and, in our opinion, a responsible state should not encourage their distribution and displacement from payments,” the Head of the Central Bank emphasized.
The Central Bank plans to develop a digital ruble so that transactions with it are cheap. As reminded, the digital ruble’s holders will have access to an electronic wallet regardless of the bank where an account is opened. In addition, the digital ruble will receive a separate legal regulation.