Russian Central Bank takes a favorable view of Bitruble

News and Analysis

As it became known to ForkLog, head of Russian Central Bank Elvira Nabiullina took a favorable view of QIWIs initiative to develop cryptocurrency called bitruble and cryptotechnology research in general.

The Central Bank also takes a favorable view of our activity. Elvira Nabiullina told that the Central Bank wasnt going to ban cryptotechnologies. Moreover, according to her, now the regulator is researching the technology. The Central Bank just needs some time to understand how it could regulate that brand new domain, said Bitruble project manager Alexei Arkhipov speaking to ForkLog.

According to Arkhipov, the basic problem faced by the regulator in terms of cryptotechology is absence of ready-made models to be used in the course of regulating digital currency market and relevant technologies.

Another issue of importance in cryptotechnology regulation is complete absence of global regulation instances for either an entire country, or some business activity. Solutions available in other countries are mostly oriented towards understanding of bitcoins economic essence or exchange regulation.

Find out more about bitruble and peculiarities of cryptocurrency regulation in Russia in our exclusive interview with Bitruble project management board to be published later this week.

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