In early October 2019, Chairman of the Bank of Russia Elvira Nabiullina, while performing on the Forum "Finnopolis", stated that the country does not need a digital ruble. To the surprise of Russian participants in cryptosochnology, just a year later, its position has changed dramatically. So, in October 2020, during the speech on the Russia call! "Forum, the banker voiced the opposite statement - about the benefits of commissioning the digital version of the national currency.
The editorial office of Beincrypto decided to find out how and why regulators of the Russian Federation have drastically changed the view and vector of action.
Backgrounds of the appearance of the digital version of the ruble
As long as Elvira Nabiullina actively promoted the system of fast messages (CBP) central bank, as an alternative to the issue of national cryptocurrency, regulators of other countries actively worked on the creation of digital versions of FIATA.For example, the Bahamas released the "sand dollar". Local regulators are positioning a financial instrument as a national currency with international potential.
https://www.facebook.com/sanddollarbs/posts/648910325827716.
In parallel, work on its own virtual versions of national currencies was initiated in China, America and a number of other countries.
The refusal to trend could entail the insulation of Russia in the financial market due to the banal absence of a financial instrument. The risk of retaling from other countries still forced the Bank of Russia to study the prospects for the digital ruble.
The fact that the financial regulator launched public advice, the topic of which was the release of the digital currency of the Central Bank (CBDC), became known in mid-October 2020.
For help to the financial regulator, whose representatives were accused of delay, a press secretary of the President of the Russian Federation Dmitry Sadkov came. In an interview with RIA Novosti, at the end of October 2020, he stated that Russia was in a hurry to replace the ruble on his digital analogue.
According to Dmitry Peskov, the Russian Federation uses the accumulated experience of other countries in the issue of issuing cryptorsions of national currencies in order not to repeat their mistakes.
At the same time, when cryptrubul appears in the Russian Federation - it is unknown. Earlier, the editorial office of Beincrypto discussed with experts the impact of the new financial instrument on the country's economy.
Interesting fact! For the first time, information about the possible release of the digital ruble appeared on the network in the summer of 2017. During this period, Vladimir Putin met with one of the founders of the second on capitalization of cryptocurrency - Ethereum - Vitaly Bidina, as part of the St. Petersburg International Economic Forum. According to the media, subsequently, the developer was offered to lead the project to create national cryptocurrencies of the Russian Federation, but he refused.
See also: What Cryptubil will give Russia - we understand the question with experts
Year of regulation and its consequences
The release of a new financial instrument is impossible without creating a legal framework for him. Work in this direction is conducted in Russia since 2017 - during this period the President of the country, Vladimir Putin instructed the officials to form the necessary corrections for digital assets.
Unfortunately, deputies, for a long period of time, could not come to a single solution to the problem. First, the regulators were debated on the permissible terminology. Later, questions arose about the punishment measures that will need to be applied to the violators. For example, in one of the editions of the draft law of the guilty users, cryptocurrency was offered to be imprisoned.
Fortunately, 2020 solved many questions. After long disputes, the deputies still managed to agree, due to which July 31, 2020, Vladimir Putin signed a law on digital assets and cryptocurrency.
The document will come into force on January 1, 2021. According to him, cryptocurrency will receive legal status. At the same time, the owners of digital assets will not be able to use them as an alternative to the ruble. Earlier, Beincrypto considered in detail how the lives of Russian participants of the crypto community from the New Year may change.
READ ALSO: Bitcoin is prohibited in the Russian Federation today and how his position will change in 2021 - experts answer
Russians were not against digital payments
Against the background of regulation, the interest of Russians to digital assets continued to grow. This, including, indicate the volume of purchases of bitcoins for rubles. In the autumn of 2020, the figure returned to the levels that were first recorded in 2017 - against the background of the coin release to the price maxima.
In parallel in Russia, on the background of a pandemic, an interest in non-cash payments grew. Users began to abandon physical money due to the risk of coronavirus infection.
So, according to the study of the Boston Consulting Group (BCG), from the beginning of October 2020, the fall of the Russian Federation entered the top 5 countries in the speed of distribution of non-cash payment. As a result, the Bank of Russia received several reasons at once to organize the release of the digital currency of the Russian Federation:
- Russian readiness for working with digital payments;
- The need to prepare for the transition of many countries - leaders of the global economy - on the digital analogues of FIATA;
- The presence of experience, thanks to which Russia will be able to painlessly create and put into operation a new financial instrument.
Perhaps the presence of a number of "trumps" in the "sleeve" of the financial regulator of the Russian Federation, in the form of the readiness of Russians to work with digital payments and the existence of other countries, will help the country to painlessly switch to the digital ruble.
The POST as Russia "sank" to the digital ruble appeared first on beincrypto.