Since the topic of blockchain-based technology and digital currencies has become relevant to banks, financial institutions, governments and trading houses yet the need to identify what digital currency is and is not seems to trouble those who are not entirely sure what it means.
Russian thought leaders, executives and government officials have all had their share on the matter and opinions have gone from cryptocurrencies being illegal to being just a game to potentially buying oil and designating an island for such markets.
In May Elvira Nabiullina, head of Russia’s Central Bank, stated that a gold-pegged crypto currency for conducting mutual settlements could be an interesting option for the bank.
Just this week it was reported that Nabiullina said that the fiat- based digital currency is being explored but there are no plans for the currency to go live any time soon. Nabiullina goes on to say:
“If we are talking about a national currency that works as a whole in the country — that is, not about private assets — of course, this requires the technology to provide reliability and continuity. Technologies must be mature, including distributed ledger technologies.”
Although there is much truth to Nabiullina’s statement, there are speculations that Russia and Venezuela plan to exchange the Venezuelan oil backed currency the Petro for the Russian ruble.