bitcoin, blockchain, cryptocurrencies, digital currency

During a blockchain conference, Olga Skorobogatov, deputy chairman of the Bank of Russia, commented about the possible development of a national digital currency in the Russian Federation.

At the conference called “Blockchain and Open Platforms”, held in Russia, Deputy Chairman of the Bank of Russia – Olga Skorobogatov mentioned in her remarks that she sees a possbility of developing a national digital currency in the future. She confirmed that the importance of distributed ledger or blockchain technology is rising permanently, what is only a first step ahead of possible adoptioon of a national digital currency.

According to the Russian financial publication, Skorobogatova mentioned the research, which was done by the Bank of Russia’s blockchain working group, stating:

“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.”

This working group was established at the end of February, being an initiative of the Russia’s central bank to widen its knowledge and assess possible use of the blockchain technology.

When speaking about the blockchain innovation, she mentioned another application for distributed ledgers in the financial market – the creation of a national digital currency. Here she spoke about a combination of public and private elements in a distributed register on the ground of setting 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].”

Here Skorobogatova suggested that a consortium should be set for the purpose of exploring the blockchain applications, which could improve the Russian market.

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