First Deputy Chairman of the Central Bank of the Russian Federation: Blockchain has not become the solution that it was seen several years ago
First Deputy Governor of the Bank of Russia Olga Skorobogatova is confident that blockchain has not become the “universal solution” that it was seen several years ago.
In a conversation with Euromoney, Skorobogatova said: “Blockchain is excellent for letters of credit and guarantee contracts, since it is essentially a technology of trust.”.
At the same time, she warned against perceiving blockchain as a technology that can solve any problem..
“I remember that some tech companies told me then:“ Olga, in 5 years everything will be on the blockchain, there will be no other technologies ”. I replied that this technology will work in cases where it creates additional value, but not as a ubiquitous replacement. As time has shown, I was right, “she said.
Skorobogatova does not see cryptocurrencies as a means of payment due to the risks they pose for consumers. In particular, she pointed to their high volatility, lack of guarantees and “widespread use as a means of money laundering and terrorist financing “.
Stablecoins remain a topical issue for the Bank of Russia as “a more reliable type of crypto asset, backed by real assets and providing guarantees to individuals and legal entities,” but they also raise great doubts. Separately, Skorobogatova mentioned the stablecoin Libra, which is being discussed with other regulators..
“The big question is whether there is added value in using digital currencies central bank (CBDC) for the economy, for individuals, for business. Obviously people want to make fast digital payments, but this can be done and with help national platform for fast payments. What can CBDC add to this? So far, no one in Russia and abroad has been able to give a convincing answer or even explain the difference between electronic payments and CBDC, “she added..
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