Opposed to Bitcoin payments, the Bank of Russia says the state should not encourage the spread of cryptocurrencies

Seeing red?  FUD it!  Here's what you should have bought Bitcoin instead of last week

The high-ranking official emphasized that the bank has “an extremely negative attitude towards cryptocurrencies” which she described as “private currencies pretending to be money.” Quoted by the Tass news agency, Nabiullina elaborated: These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their spread and squeeze them out of payments.

A “responsible state” ought not stimulate the expansion of cryptocurrencies, as per Elvira Nabiullina, chair of the Central Bank of Russia (CBR). The head of the financial authority made the announcement in the lower place of the Russian parliament, the State Duma. The governor, in the mean time, recognized that individuals required another option. The Bank of Russia is attempting to do this with its projects. “I have already talked about the digital ruble – in our opinion, this should evolve,” added Elvira Nabiullina. In response to the rising popularity of cryptocurrencies and the surge in electronic payments, the Russian Central Bank has stepped up efforts to create a digital version of the national currency, the ruble.

The head of the monetary policy regulator in Russia notes that the CBR is not against digital currencies in general, provided that they are not used for “shadow operations”. Nabiullina noted, however, that the Bank of Russia continues to oppose the legalization of bitcoin as a payment instrument in the country.

This year, the regulator formed an experimental group for the digital ruble of more than a dozen financial institutions. A prototype of the CBDC platform will be launched in December, with trials scheduled to begin in January.

The digital ruble is what Russians need because it will facilitate cheap and reliable cashless payments, Nabiullina recently told participants of an international banking forum. According to the country’s latest financial market development strategy, a state-issued digital currency should prevent citizens from using ‘alternatives for money’, a term used by officials in Moscow to describe cryptocurrencies.

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