Central Bank will develop a national cryptocurrency

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The deputy chairman of the Bank of Russia, Olga Skorobogatova, announced that the Central Bank will develop the national cryptocurrency, TASS reports . “Regulators of all countries have come to the conclusion that it is necessary to do the national virtual currency, this is the future. The question of specific time and maturity each country will decide independently. Taking into account the pilots we are doing, we will understand which system we could use in our case for our national currency, ”Skorobogatova said.

Cryptocurrency will be a virtual analogue of the ruble. According to the authors of the project, the virtual ruble is the national currency, which can be not only paper but also electronic. Accordingly, the new cryptocurrency will increase cashless circulation in the country. In addition, since it will be national, citizens will receive all the guarantees of the state on transactions with it.

The cryptographic system will be developed by domestic experts, it is necessary to protect all operations and types of transactions. The basis will be the technology of distributed registries, one of the most famous implementations of this technology is the blockchain. Pilot projects will be implemented together with financial market participants and Fintech association.
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True, the first results of the project will appear not earlier than in 2-3 years. “We are doing several pilot projects that will give us an understanding of how the technology of distributed registries of large volumes of information and large volumes of information processing can be useful, including for the national digital currency,” said the deputy chairman of the Central Bank.

Now the Russian authorities have not yet decided on the basic principles of regulation of cryptocurrency in the country. Probably, the foundations will be laid in a few years, by the time of the appearance of the first results of the project to create a national cryptocurrency.