Cryptocurrency is “More Convenient” than cash and society is ready for adoption

[Niteroy]

Cryptocurrency is “More Convenient” than cash and society is ready for adoption, head of the Central Bank of Russia says

Cryptocurrencies are being used more each time in the field of geopolitics, transcending the image of being just an experimental technology promoted by some fintechs and enthusiasts. After drawing the attention of the G20, several countries began to evaluate the possibility of issuing their own cryptocurrency, however, no powerful nation had shown a real, concrete interest … until now.

According to the Russian news website TASS, the Bank of Russia is considering the possibility of issuing a national cryptocurrency, although they are not yet able to see this as a priority for the near future.

In statements to the Russian press, the head of the Central Bank of Russia Elvira Nabiullina praised the technology behind cryptocurrency, putting the “crypto vs fiat” debate on the table: “It will be more convenient, it is electronic money for people, for citizens. Are we ready, as a society, to refuse cash?” – she said, flirting with the possibility of crypto winning the fight by adding that “digital currencies are in some sense the readiness of society”

Nabiullina also commented that the Russian government is evaluating this possibility even though the legal framework makes it difficult. She explained that besides the legal aspect, technologies must mature a little before cryptocurrencies can be considered a state policy:

“Indeed, the Central Bank Digital Currency cannot be realized immediately, however many central banks, including the Russian Central Bank, are exploring this possibility .. If we are talking about the national currency, which works as a whole in the country, that is, these are not private assets, of course, this requires that the technology allows ensuring reliability and continuity. Technologies must be mature, including distributed registry technologies“

Is Russia Tempted to Use a National Cryptocurrency for Strategic Reasons?

Since 2017, there has been much speculation about the government’s interest in issuing a “Crypto Ruble” but after several contradictory statements, it seems that the official position of the Russian government tends more towards the “Blockchain yes, Crypto no” kind of philosophy.

Just two weeks ago, Ms.Nabiullina talked about how the Russian bank was against the legalization of cryptocurrencies due to the risks associated with their volatility.

“We are against the legalization of cryptocurrency as a means of payment. We believe that there are big risks for those who hold cryptocurrencies, we need to protect our citizens from risky investments” She said to Russian outlet Pravo. But this problem would not apply in the case of stablecoins, much less in the case of a Central Bank Digital Currency or a state-issued cryptocurrency – that is, there is no inconsistency between this statement and the one issued two weeks later.

Interest in using cryptocurrencies has increased after U.S-imposed trade sanctions intensified, affecting Russian commercial and banking activity – and draining Vladimir Putin’s patience. Russia’s State Duma member Vladimir Gutenev suggested the emission of a gold-backed stablecoin used for mutual settlements. It is important note that in february this year, an oil-backed stablecoin was also proposed

The Central Bank of Russia reported in May a growth in its gold reserves, which went from 487 to 492 billion dollars in one month. This movement has placed Russia in the number one position among the biggest global purchasers of gold.

Also, recently a senior executive of the Venezuelan government also stated that both countries are discussing the possibility of using russian Rubles and venezuelan Petros (a cryptocurrency issued by Venezuela) as a means of payment in bilateral trades

https://ethereumworldnews.com/cryptocurrency-is-more-convenient-than-cash-and-society-is-ready-for-adoption-head-of-the-central-bank-of-russia-says/

[Fenix]

In Russia, top officials of the country speak and make decisions regarding cryptocurrency so contradictory that it is even difficult to understand their general attitude to cryptocurrency. Even in the above statements, the head of the central bank of Russia Elvira Nabiullina has contradictions. Let the laws on regulation of cryptocurrencies be passed there first, and only then we will listen to their further arguments about their development. In the meantime, there is no legal practical basis on which to discuss further actions. While the concept of cryptocurrency diametrically opposed.

[Senin]

It is quite possible that Russian society is ready for the adoption of cryptocurrency, only their own government does not allow them to do so. It seems that the State Duma of Russia may adopt a law that will prohibit the free use of cryptocurrency as a means of payment. What is the use of the fact that society is ready to accept cryptocurrency if the government does not allow them to do so. However, let's see what laws regarding cryptocurrencies will finally be adopted in Russia.

[Zed0X]

When someone from a central bank says something positive about cryptocurrency, it is most likely that a national cryptocurrency is in the works or discussion. Probably another centralized crypto.

[JuraganEmpang]

For us, the Russian state is one of the developed countries, their civilization may be better than our country, so that the presence of people who will adopt cryptocurrencies on a large scale is possible. Moreover, when Energy Minister Igor Yusufov said: "that the introduction of crypto settlement systems in the energy market could reduce the costs associated with using non-refundable currencies and fluctuations in their exchange rates." Although Russian Justice Minister Alexander Konovalov said "that it is still too early to formalize crypto-related laws." But we personally assume, at least there has been a big entrance for crypto currencies there, so "the growth of crypto currencies in Russia can be very expected."

[Betim]

When someone from a central bank says something positive about cryptocurrency, it is most likely that a national cryptocurrency is in the works or discussion. Probably another centralized crypto.

Most likely it will be so that they are working on creating some kind of stablecoin, but there is a chance that along with the national cryptocurrency there will be an opportunity to use other cryptocurrencies. In any case, any positive statement from the government is a good sign for the crypto market.

[mimikri]

When someone from a central bank says something positive about cryptocurrency, it is most likely that a national cryptocurrency is in the works or discussion. Probably another centralized crypto.

You are 100% right. Here, the Russian government werу talking about creating their new nationalcryptocurrency. It should be a stable coin as I think. Crypto ruble is expected to be very popular there.

[muneerashine]

When I started using a plastic card, I've found it very convenient because your not susceptible to theft. But when crypto was introduce, I found it awesome.