10 Oct 2019 12:17

Many risks in issuing national cryptocurrency, advantages questionable - Nabiullina

Sochi. Oct 10 (Interfax) - The Central Bank of Russia (CBR) is studying the idea of issuing a national cryptocurrency, but has yet to see an advantage in this, Central Bank Governor Elvira Nabiullina said at the Finopolis Forum in Sochi.

"We, as the Russian Central Bank, have studied this topic and are studying it, and for us, the necessity of issuing such a national cryptocurrency are not evident not only for technological reasons, but also because it's not clear what benefits this national cryptocurrency would provide over existing electronic payments," Nabiullina said.

"The risks are many, while the benefits are not so evident," the head of the CBR said.

Nabiullina said in June 2019 that the regulator was studying the possibility of launching its own cryptocurrency.