Fri, December 01, 2023

Russia’s Central Bank and national cryptocurrency

Russian crypto industry

Several years ago, the idea of national cryptocurrency was unimaginable, and only a few crypto analysts would think about this topic. However, digital currency is developing so fast that even governmental organizations are planning to enter the market.

One of the examples of how the attitude towards digital currencies is changing comes from China. The People’s Bank of China which is the central bank of this country is planning to launch the national cryptocurrency. The exact date remains unknown. China’s central bank is working on the project. It means that China will have the opportunity to offer its national cryptocurrency.

It is important to mention that there is no universal approach when it comes to such projects. However, the head of Russia’s central bank made it clear that it has no intention to launch the digital currency. Elvira Nabiullina said that the central bank is studying this topic. However, she mentioned that the central bank has no reason to launch the national cryptocurrency.

It is not the first time when the head of Russia’s central bank talked about the cryptocurrencies. Her opinion regarding digital currencies is that she does not support the cryptocurrencies. However, Nabiullina thinks that blockchain technology is promising. Her opinion is quite unusual. On the one hand, she is against the cryptocurrencies, and on the other hand, she has nothing against the blockchain technology.

The chief of the central bank, even compared digital currencies to electronic non-cash payments. Her comments highlighted that authorities in Russia are cautious about digital currencies.

China’s cryptocurrency marketChina’s crypto industry

China’s economy is second-largest in the world. This country has no shortage of billionaires. Moreover, what is interesting about the latest list of China’s mega-rich is that Crypto executives joined this list.

According to Forbes, there are 12 crypto industry representatives among the wealthiest people of China. Moreover, the most affluent crypto executive is the founder of Bitmain Micree Zhan. His fortune is worth $4.2 billion.

It is worth mentioning that Bitmain is the largest supplier of mining hardware in the world.


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