Russia’s revelation about establishing its own digital currency astonishes crypto market

Russia is all set to make waves in the world of cryptocurrency. The Chairperson of Central Bank of Russia, Elvira Nabiullina, has announced that the nation is seriously considering introducing its own centralized digital currency (CDC).

Nabiullina further adds that although the new currency is not expected to be introduced very soon, the bank and the state are seriously contemplating the possibility. The talks may be at a very early stage yet, however, it goes to show that the country is ready to become an earnest participant of Blockchain.

This, however, may not be as easy it seems. Cryptocurrency needs strong backing from cutting-edge and reliable technology, reports Russian News Agency TASS. If all goes well, the country’s very own cryptocurrency will assist the bank in performing the extremely strenuous job of recording the fraud-prone registries. The bank also has a long-term horizon to use it in monetary policy.

“Would this mean that the country is going cashless?”

Nabiullina presented this question to the reporters. The bank’s chairwoman promptly responded that even though a cashless economy may seem like a distant future for the country, having its own state-backed digital money will make this goal a lot easier and achievable.

Nabiullina further unveils that one must not expect the digital economy to be a bed of roses. A majority of the population around the world still prefers cash transactions due to its obscurity.

“It all comes down how ready the society is to accept this change” asserts Nabiullina.

According to her, the transition may not happen in very soon but it is getting there – slowly but surely. Sounding optimistic about the Central Bank’s ability in making this happen, Nabiullina has advised the managing partners to go ahead full throttle and identify blockchain’s strengths and capability to support the new currency.

The last few weeks have witnessed Russia changing its perception towards cryptocurrencies and blockchain. Amidst the rising tensions between the nation and the U.S, the country sees this as an opportunity to detach its economy and make it independent from U.S dollar.

The Far East Investment and Export Agency recently proposed developing an offshore hub, somewhere on the Bolshoy Ussuriysky Island, solely dedicated for cryptocurrency exchanges on the Russia and China borders. It is also slated to be one of its kind, an exclusive economic zone for digital currency trading.

Russia, the country which boasts of possessing the largest railway network in the world, further announced its enterprising decision of incorporating blockchain in railways. The latest news announcements reveal that Russia is not wary of its aspirations in the blockchain.

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