Russia's central bank mulls launching its own digital currency

The Central Bank of Russia's president Elvira Nabiullina on Sunday said that the bank was considering launching its own digital currency.

Nabiullina made the comments while speaking at a students conference in Skolkovo, according to TASS. She, however, added that the launch is not "immediately" implementable.

"Indeed, the Central Bank Digital Currency cannot be immediately implemented. However many central banks, including Russia's Central Bank, are studying such a possibility," she said.

"If national currency that works in the entire country is concerned, this does not refer to any private assets, and certainly this requires a technology that would ensure reliability and uninterrupted operations. These technologies should be mature including blockchain technologies," she added.

She also mused if the society is ready to give up on using cash during the conference.

"This will be more convenient, this is digital money for people, for citizens. Are we ready as a society to give up cash?" she asked.

"Some countries have really become almost cashless, but in many countries cash is still popular. This is not because people want to carry out certain dubious operations. People often appreciate their privacy and anonymity."

"Certainly, the circulation of non-anonymous digital currencies implies that a society should be ready for this," Nabiullina, who has previously served as Russian President Vladimir Putin's economic advisor, noted.

( With inputs from ANI )