7 Nov 2019 16:03

CBR prepared to support digital financial assets, if they don't substitute for national currency - Nabiullina

MOSCOW. Nov 7 (Interfax) - The Central Bank of Russia (CBR) is prepared to support the development of financial technologies, including digital financial assets, if these do not take the place of the national currency, Central Bank Governor Elvira Nabiullina said during a joint session of State Duma committees.

"We are prepared to support and look at digital assets, which do not replace the national currency, Nabiullina said.

"We are studying, as are many countries, the digital currency of central banks. Some of the more advanced countries here are China, Sweden, but this is a process of study. We must look at the preparedness of technologies, and what we will receive from these digital currencies. We support technology in the financial sphere, digital financial assets, and I hope that legislation will be adopted in Russia in the near future which will create more certainty for market participants, certainly, yes," Nabiullina said, noting that the CBR is against the issue of cryptocurrencies as an analogue of the national currency: "We are against private money. If many digital currencies were thought of as a replacement for private money, then we cannot support this."