{"id":95877,"date":"2020-10-23T12:45:44","date_gmt":"2020-10-23T09:45:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/russia-doesnt-need-to-be-first-with-a-digital-currency-says-state-expert\/"},"modified":"2020-10-23T12:45:44","modified_gmt":"2020-10-23T09:45:44","slug":"russia-doesnt-need-to-be-first-with-a-digital-currency-says-state-expert","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/russia-doesnt-need-to-be-first-with-a-digital-currency-says-state-expert\/","title":{"rendered":"# Russia doesn\u2019t need to be first with a digital currency, says state expert"},"content":{"rendered":"

“# Russia doesn\u2019t need to be first with a digital currency, says state expert <\/strong>”
\n<\/p>\n

A Russian official argued that the country should have launched research on a central bank digital currency four years ago in order to claim leadership in the field.<\/p>\n

However, according to Dmitry Peskov, a special representative of the President of the Russian Federation on digital and technological development,\u00a0the first-mover advantage also brings a number of risks in terms of financial stability.<\/p>\n

According to news<\/a> service RBC on Oct. 23, Peskov\u00a0said<\/a>\u00a0that a fast-second strategy in developing a CBDC could be more efficient than becoming the world\u2019s first issuer, stating:<\/p>\n

\u201cThe financial risk is so great that it seems to me that a fast-second strategy is much more effective than trying to be the first. Let\u2019s see what the leader can do, and what impediments they will run into.\u201d<\/p><\/blockquote>\n

Peskov stated that Russia\u2019s CBDC \u2014 a digital ruble \u2014 could become a reality in three to seven years if development starts now.<\/p>\n

Russia\u2019s central bank officially released a CBDC consultation paper on Oct. 13. Subsequently, Anatoly Aksakov, a member of the Russian State Duma and a key representative of Russia\u2019s crypto-related legislation efforts, claimed that the digital currency will\u00a0enter a pilot phase in the first half of 2021. Aksakov is confident that the upcoming digital ruble \u201cis the future,\u201d while decentralized crypto tokens such as Bitcoin (BTC) have no future. <\/p>\n

Financial experts in other countries are also taking a wait-and-see app<\/a>roach to CBDCs. On Oct. 19, Jerome Powell of the United States Federal Reserve claimed that it\u2019s better to get it right than to be first. The central bank of New Zealand expressed a similar stance, claiming that \u201cthere is much work to be done\u201d in the CBDC area before issuing a national digital currency.<\/p>\n<\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Russia doesn\u2019t need to be first with a digital currency, says state expert ” A Russian official argued that the country should have launched research on a central bank digital currency four years ago in order to claim leadership in the field. However, according to Dmitry Peskov, a special representative of the President of…<\/p>\n","protected":false},"author":1,"featured_media":95878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.eu-central-1.amazonaws.com\/s3.cointelegraph.com\/uploads\/2020-10\/5be28083-1646-4262-ad2b-c25fe6d54178.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,75159,70550,70610,71511,4975,4965],"class_list":["post-95877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-digital-currency","tag-federal-reserve","tag-finance","tag-government","tag-russia","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=95877"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/95877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/95878"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=95877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=95877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=95877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}