Central Bank of Russia To Develop a National Cryptocurrency

Russian News Agency TASS Announced Today That the Central Bank of Russia Intends to Develop a National Cryptocurrency.

Bitcoin Won’t Be a Currency, But Might Be Regulated as a Digital Asset

The Central Bank of Russia announced earlier in the week that topping up its gold reserves is not a priority.

The Lowest Cost. Period.

Is Russia Moving from Gold to Crypto?

Comments by Russia regulator Deputy Chairman Olga Skorobogatova at the St. Petersburg International Economic Forum: “Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects we will understand what system we could use in our case for our national currency.

Elvira Nabiullina, the governor of the Central Bank of Russia, also added that Bitcoin will not be a currency in Russia, but that they will look to regulate it as a digital asset.

Yesterday first Deputy Governor of the Russian Central Bank Ksenia Yudayeva said that it was not a top priority of the bank to top up its gold and forex reserves.

Although that is EXACTLY what the Russian Central Bank has been doing:

Russian Gold reserves June 2015 - April 2017

The Central Bank of Russia has led the world’s central banks in gold acquisition the past several years, adding over 400 tons of gold in 2015-2016.

Russian and foreign currency Reserves january 2015 - April 2017

Russian Central Bank reserves have grown from 371 billion to over $400 billion since January 2015.

What impact would national cryptocurrencies have on private cryptocurrencies like Bitcoin and ethereum?
Would a Russian National Cryptocurrency be backed by gold?
Would national cryptocurrencies be held by other central banks as reserves?

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Read more from the Tass release on a Russian National cryptocurrencyhere

Russia – Topping up gold reserves not a priority
St. Petersburg International Economic Forum regional partners

h/t @vijinho

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