Important Digital Currency Statement by Nabiullina, Governor of the Central Bank of Russia

Governor of the Central Bank of Russia, Elvira Nabiullina, said that digital currencies are very important for both the country and the world.

An important digital currency statement has been made by the Governor of the Central Bank of Russia, Nabiullina. Announcing that they will start digital ruble tests in 2022, Governor of the Russian Central Bank, Elvira Nabiullina, drew attention to the fact that digital currencies are the future of both Russia and the world.

“The Future of All Systems Is Here…”

In her speech to CNBC, Nabiullina stated that there is a need for fast and cheap payment systems and that central bank digital currencies can close the gap in this area: “I think the future of both ours and all financial systems is in digital currencies… They are moving in parallel with the development of the digital economy. We will go step by step. It is a very difficult project with many technological and legal details, but CBDCs are the closest solution to fill the gap in the system at the moment.”

“If Everyone Creates Their Own System, It Gets Harder”

On the other hand, Nabiullina also mentioned some difficulties in the CBDC evaluation and stated that creating their own system may cause problems in integration and connections: “If each central bank creates its own system and makes technological improvements to local standards, then it will be very difficult to link these systems for cross-border payments.” Nabiullina also stated that Russia's both domestic and foreign monetary policy is rigid and conservative due to the US sanctions. As it is known, countries such as Sweden, France, Russia and China are working on CBDCs, which are central bank digital currencies. On the other hand, CBDCs differ from cryptocurrencies, which are generally decentralized, as they are completely under state control.