At a time when digital currencies are a worldwide subject of debate and discussion, many countries are independently coming up with policies that prove the merit of digital currencies. However, we must not be confused between digital coins cryptocurrencies/stablecoins. In Russia, cryptocurrency is heavily regulated and sometimes illegal. Elvira Nabiullina, the governor of the Bank of Russia, remarked about digital coins and cryptocurrencies in a recent conference hosted by the Bank of Finland.
While the governor did not have many good things to say about cryptocurrencies, she did not acknowledge the merit of digital coins. In this respect, supporters of crypto are claiming that even conservative authorial figures are opening up to the benefits of a digital currency. Bitcoin was the first digital coin in many respects, and all subsequent digital coins would trace lineage to it. The governor suggested a digital ruble for Russia. A digital Ruble, according to her, would solve many problems we face today with fiat currency. However, the idea of a digital ruble would be very similar to that of fiat currency. It would indeed be a different form of fiat currency.
As governments take the digital turn, many people are hopeful about the eventual incorporation of cryptocurrencies and blockchain technology into institutions. While that goes against the very nature of these ecosystems, the centralized bodies are not able to disregard its benefits. After Russia, we can expect other countries to follow in its footsteps.
