Wednesday, 29 January 2020

Russia considers creating cryptocurrency for payments between BRICS and EEU countries

The Bank of Russia is considering the possibility of introducing a supranational digital currency within the BRICS or the Eurasian Economic Union (EEU), Central Bank first deputy chairperson Olga Skorobogatova told reporters, reports.
“We are continuing the work to investigate this matter. A matter which seems to us advisable to discuss on with our colleagues is the possibility of introducing a supranational digital currency in EEU territory or within the BRICS. There are many technological and macroeconomic issues, and so, I believe, the next year will be devoted to developing approaches to the possibility of launching such a supranational cryptocurrency,” Skorobogatova commented.

At the same time, Central Bank does not consider it advisable to introduce a national cryptocurrency from the perspective of the population’s macroeconomics, she added.

The Ministry of Finance is of a similar opinion. Earlier, Deputy Finance Minister Alexei Moiseyev said that he sees no need to launch a cryptoruble. He explained that cryptocurrency is a phenomenon with an unrestricted number of emission centers, and thus regulators will be unable to ensure the absolute reliability of transactions with such assets.

As for other cryptocurrencies, the Ministry of Finance proposes to define them as other assets, not as a means of payment or settlement. It will not be possible to purchase anything with them, but it will be possible to acquire cryptocurrency and exchange it for other property.

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