Various governments around the world are looking to create a national digital currency. Russia has been on this list for quite some time now. Many people thought this plan would be killed, but that is not the case. In fact, the Russian Central Bank’s chairman feels the time is now to move ahead with this plan.
It was only a matter of time until we would see national digital currencies. Few people expected Russia to be the first country to do so, though. The region has an uneasy relationship with cryptocurrency so far. Even though there is a plan to recognize Bitcoin, it will probably never become currency in Russia. Those chances reduce even further once the optional digital currency gets issued in the region. No time frame has been announced at this time, though.
The Russian Digital Currency Is Coming
This has been quite a turn of events for Russia. Two years ago, digital currencies could have been subject to facing a jail sentence. Now, the country was to embrace this technology to the fullest. It remains to be seen if the currency will be issued on a distributed ledger, though. It is equally possible a more traditional database will be used. There are still a lot of specifics which need to be worked out by regulators.
Moreover, it is uncertain if this digital currency will eventually replace the Ruble. It is believed the digital and traditional currency will coexist for some time to come. There is no reason to go all-in on digital currency in Russia just yet. Digital payments are becoming more popular, but it will take some time until a real shift occurs. Pilot projects will be conducted to see how this digital currency will be shaped moving forward.
The bigger question is how this will affect the status of Bitcoin in Russia. Right now, there are still a lot of uncertainties in this regard. Since no one knows how and when this Russian digital currency is to be issued, the consequences for Bitcoin are shrouded in mystery as well. Rest assured Bitcoin will always be incredibly popular among enthusiasts. It will not necessarily become a mainstream currency by any means. However, it is not going away anytime either.
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