The beginning of 2020 had a lot for central bank digital currencies. China is seemingly ready to test its own digital cash system, while Western countries are getting on with their research and considerations about CBDCs.
Speaking at the conference titled “Blockchain and Open Platforms” held by Bankir.ru, 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.
Researchers from the University College of London have developed a digital currency system resembling Bitcoin on the request from the Bank of England, the country’s central bank.
Bank of Russia concedes employing blockchain technology to de-criminalize microfinancing market and enhance its transparency, Izvestia reported.
Russian authorities are traditionally cautious when it comes to cryptocurrencies, as they suspect virtual money may be used to finance terrorist organizations and possible rebellous activities. For that reason, the government continuously removes any possibility of anonymity in financial transactions. However, the Central Bank of Russia actively researches new technologies, including blockchain.
The Bank of Russia believes that emergence of blockchain-based systems for financial markets is very likely to happen in 2017 or 2018.