RATE Group | Russia and China take opposite sides on state-backed cryptocurrency issue
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Russia and China take opposite sides on state-backed cryptocurrency issue

11 Oct Russia and China take opposite sides on state-backed cryptocurrency issue

Posted at 09:41h in Cryptocurrency News by

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  • The head of the central bank of Russia sees no benefits in issuing state-based digital currency.
  • Her Chinese counterpart says China is considering the launch of such an asset.

There are no obvious reasons to issue a state-backed cryptocurrency at this stage, the head of the Russian central bank Elvira Nabiullina said at the forum of innovative financial technologies Finopolis.

She added that the central bank had been exploring the idea of creating a so-called CBDC (Central Bank Digital Currency), but at this stage, there were no clear benefits in issuing such currency.  The central bank studied technical aspects of the state-based cryptocurrency issuance and tried to evaluate its advantages over the existing electronic non-cash payment systems. “The risks are platy, but the benefits are not clear enough,” – Nabiullina explained to the Vice Chairman of the People’s Bank of China Fan Yifei.

Meanwhile, Fan Yifei said that China was exploring the…

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