Russian Central Bank: Digital Currencies are the Future

Digital currencies are the future. They will be necessary to financial systems because they meet a need for fast and cheap payment methods.

 

Elvira Nabiullina, the president of the Russian central bank, said this in an interview with the American news channel CNBC.

Central bank digital currencies are not the same as cryptocurrencies such as bitcoins. They are issued and controlled by the authorities.

Moscow is developing a digital ruble, which it could begin testing with next year. The value of a digital ruble will be equal to a cash ruble.

According to Nabiullina, cryptocurrencies such as bitcoins pose significant money laundering risks because transactions are not transparent and users are anonymous.

It is forbidden for Russians to pay with crypto coins.

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