Russia Starts Developing National Cryptocurrency

PHOTO by Natalia Selivestrova / RIA Novosti

The Bank of Russia started national digital currency development priject, the Interfax news agency reported Friday.

“We will definitely get to national cryptocurrency, we have already started working on it,” Deputy Chairman of the Central Bank Olga Skorobogatova told during her speech at the St. Petersburg Economic Forum held from June 1 to 3.

According to Skorobogatova, there is a growing interest in such financial instruments which are safe for the state and its citizens.

“It seems to me that in the next two or three years this topic will develop very actively, and we are studying all its pros and cons,” she added.

The digital currency created in Russia will give an opportunity to use money resources at the new technological level, Skorobogatova believes.

On May 25, the Central Bank of Russia proposed to classify cryptocurrencies as digital goods. Previously, the Bank said that it was premature to talk about legalising the turnover of digital currencies, including bitcoins.

The rate of bitcoin - one of the most famous digital currencies, can reach $100,000 in the next ten years, Saxo Bank analysts believe.