There is not a single approach when it comes to cryptocurrencies. A number of central banks around the world are working to create their own Central Bank Digital Currency. It does not mean that all of them will issue national cryptocurrencies.
The Bank of Russia, which is the central bank of the Russian Federation, is not among the central banks which will endorse digital currencies any time soon. Several months ago, Russian media reported that the chairwoman of the central bank Elvira Nabiullina made a comment about the crypto. According to Nabiullina, the central bank has no intention to issue a national digital currency.
Moreover, this is not the end of this story. Recently, media released information which is going to affect the crypto community. Based on this information, Russia’s central is allegedly supporting the idea of banning cryptocurrencies. It means that it will be impossible to use digital currencies as a means of payment in the country.
At the moment, the legal status of smart contracts, cryptocurrencies, as well as crypto miming remains uncertain. People who would like to use crypto money should remember that it is neither prohibited nor allowed. The legal limbo is a serious challenge for the future of digital currencies in the country.
SoftBank and cryptocurrencies
Japanese holding company SoftBank released a digital currency payment card. This card can be used for both fiat and digital assets.
This card will be initially available in Japan. Local users will be able to use the digital currency payment card across the country. Thousands of merchants are willing to accept the new card.
It is worth mentioning that the card issued by Softbank will have an interesting feature. The new SoftBank will have a paper-thin smart LED screen. Thanks to this feature, it will be possible to check the balance in real-time.
Moreover, users can use the card like a hot or cold cryptocurrency wallet. Once the wallet is disconnected, it transforms into cold storage.