CBDC Launch ‘May Cost Russian Banks $684m a Year’
Source: Selensergen/Adobe Russian commercial banks will lose $684 million a year if the nation’s Central Bank launches a central bank digital currency (CBDC), experts have claimed. The Central Bank vehemently opposes the adoption of what it calls “private cryptocurrencies” such as bitcoin (BTC). But the bank wants to expiate the process of launching a digital ruble – which it wants to use to help de-dollarize the national economy. Finversia reported that the Central Bank’s latest proposal has seen renew calls for a ban on all domestic crypto transactions. The media outlet quoted the bank’s long-standing, crypto-skeptic governor Elvira Nabiullina as telling reporters that the bank has “not changed its position here.” She said that the bank had “a negative attitude towards the use of cryptocurrency in the domestic market” and in the “internal settlements” space. And Nabiullina claimed that plans to launch stablecoins with key Russian trading partners were also far off