Bank of Russia Open to Idea of National Digital Currency

News and Analysis

Speaking at the conference titled “Blockchain and Open Platforms” held by, Olga Skorobogatova, deputy chairwoman of the Bank of Russia, told about possible development of digital national currencies and banking industry’s interest to distributed ledgers.

“As a result of our work, we came to a single conclusion: blockchain as a technology used in Bitcoin payments system is definitely interesting, while distributed ledgers provide even more interesting opportunities in combining elements not only in chains and validation, but also in distributed storage of data for simpler purposes,” she said.

Skorobogatova also conceded using distributed ledgers in Russia’s financial markets for creation of digital national currency.

“National digital currencies are most likely to develop under hybrid network rules,” she noted.

Skorobogatova suggested that Russian market might benefit from creating a consortium “in the image and likeness of R3“.

“Loners don’t play that game. Distributed technologies imply coordination and mutual understanding of how a system works,” she remarked.

Earlier this year, Olga Skorobogatova said that blockchain-based systems for financial markets may emerge as early as in 2017 or 2018.

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