Russia tough on cryptocurrencies: fake and private money, better digital (state) ruble

Crypto yes or crypto no? There Russia is in the midst of existential doubt, between those who are pressing to introduce the digital ruble and those who, on the other hand, see dangers and threats in the cryptocurrency. The discussion has been going on for some time, amidst announcements and denials, and in recent days a decidedly authoritative voice in the homeland has thought of it, namely Elvira Nabiullina, who is President of the Central Bank of Russia (CBR).

A responsible state should not stimulate the proliferation of cryptocurrencies,” said the official before the Duma, adding that”the bank has an extremely negative attitude towards cryptocurrencies, […] private currencies pretending to be money” as completely anonymous and out of control.


Elvira Nabiullina, President of the Central Bank of Russia

Beware, however, the number one of the Central Bank it is by no means opposed to a digital ruble: one thing, therefore, is to blindly rely on the world of Bitcoin and the like, another is to propose to the population a valid alternative to the physical currency which could be, in fact, its virtual counterpart.

The only point on which Nabiullina does not intend to yield is that of the fight against undeclared operations: any digital ruble must be developed in such a way that it cannot be used for illegal purposes.

Bitcoin no, digital ruble yes, then. And a series of tests are currently underway in the country to model its shape and identify the boundaries within which to do so spin. The first platform prototype will be released in December, test transactions will start with the new year. Russia is in a hurry, because only with state control over the digital currency can we fight what is called the “money substitute“.

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