Russia’s central bank digital currency: Prospects and problems

Active digitalization of large domestic financial institutions is a noticeable, definitely positive trend. Russia is one of the five world leaders in the speed of transition to cashless payments, and the number of contactless transfers and payments are increasing every year. Such active development requires changes in legislation, and inevitably, many specialists and representatives of the financial sphere turn to the issue of cryptocurrency and its place in the modern financial world.

In this matter, the Bank of Russia’s policy mainly focuses on destigmatizing the discourse that surrounds cryptocurrencies. The national central bank does not deem it fit to define cryptocurrency as property at the level of civil law but allows considering it as property in relation to certain laws, including the anti-corruption law.

Victor Dostov is the director for research of the Distributed Ledger Technologies Center at Saint Petersburg State University and chairman of the Russian Electronic Money and Remittance Association.