The Central Bank of Russia is testing digital currency pilots as part of its plan to develop a national digital currency. Speaking at the St. Peter
The Central Bank of Russia is testing digital currency pilots as part of its plan to develop a national digital currency.
Speaking at the St. Petersburg International Economic Forum that took place on June 2, the deputy chairman of the Russian Central Bank, Olga Skorobogatova, explained that the regulator is to develop a national cryptocurrency:
“Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects we will understand what system we could use in our case for our national currency.”, she added as quoted by the Russian news agency Tass (tass.com) and cryptocoinnews.com.
Using a Hybrid Blockchain?
The first comments of Skorobogatova hinted that a “hybrid network” of both public and private blockchain protocols will be used to create a unified distributed ledger that can lead to a national digital currency, according to cryptocoinnews.com that wrote about it last year.
The details of the digital currency pilots are not fully disclosed, but the Bank of Russia has reportedly developed and tested an Ethereum-based interbank blockchain prototype in 2016. “MasterChain”, which is the name of the prototype, has attracted the attention of Russian banks. A few of them have participated in the pilot that drew speculation of a SWIFT-like financial messaging platform for Russia`s banks.
“The creation of prototypes and joint inquiry of applicabilities help both the regulator, and the market participants understand outcomes, estimate capacities, mitigate the risks of using different technologies, and decide on follow-up actions. This is a good groundwork for onward progress.”, as Olga Skorobogatova said in an interview with cryptocoinnews.com back then.
It is to be closely followed whether the Russian regulator will keep on working on the launch of a national digital currency.