Russian Central Bank Chief says there is ‘no obvious need’ for a national cryptocurrency

Russia’s central bank sees no strong reason to launch a national cryptocurrency that would override the potential risks, according to its head, reports CoinDesk. Elvira Nabiullina, chairwoman of the Bank of Russia, said her institution had been investigating the possibility of a central bank digital currency (CBDC) and the need the launch the new technology “is not obvious for us.” Nabiullina explained:

“Not only for technological reasons, but also because it is [difficult] to really estimate what advantages will the national digital currency give, for example, in comparison with existing electronic non-cash payments. There are many risks, and the advantages may not be obvious enough.”