Olga Skorobogatov, deputy chairman of the Bank of Russia (Russia’s central bank) has, in a blockchain conference, spoken about the possible development and creation of a national digital currency in the Russian Federation.
Speaking at the “Blockchain and Open Platforms” conference in Russia, Deputy Chairman of the Bank of Russia Olga Skorobogatov has suggested that a national digital currency is likely to be developed in the future. She cited the increasing relevance of distributed ledger or blockchain technology, an innovation that will come to being used in Russia’s financial markets as the factor behind the creation of a national digital currency.
In quotes reported by Russian financial publication Bankir.ru , spoke about the research being done by the Bank of Russia’s blockchain working group. Stressing that blockchain’s applications potentially goes beyond Bitcoin, the cryptocurrency, she stated: As a result of our work, we have come to one conclusion. Blockchain as a technology used in the Bitcoin payment system is certainly interesting, but the [technology] of distributed registers provide more exciting opportunities in the combination of elements. Not only in the form of chains and validation, but also in processing of distributed storage of data for simpler purposes. The creation of the working group was announced toward the end of February, an initiative set up by Russia’s central bank to study and understand blockchain technology.
In talking up the innovation of blockchain, Skorobogatov spoke of another application for distributed ledgers in the financial market – the creation of a national digital currency. She cites a combination of public and private elements in a distributed register as a means to set the framework for a digital currency. With the rules of a hybrid network (both public and private systems to create a distributed ledger, a national digital currency is most likely [to occur]. […]
