Russian President Vladimir Putin, when asked about whether Russia will soon have its own national cryptocurrency or not, said that it is not possible for Russia or any other country to have its own cryptocurrency as they work beyond borders. Several countries around the world are working to issue their own central bank-backed digital currency, including China and European countries. However, the debate around CBDC has been about the centralization nature of them and how they could be used as a mass surveillance tool.
Cryptocurrencies operate beyond national borders.
Russian President Vladimir, in an interview, when asked about whether Russia will soon see its cryptocurrency or not, the president said that no country, whether it is Russia or some other country, could have their own cryptocurrency because by definition they operate without national borders. Currently, there is no legal status of cryptocurrencies in Russia. The central bank of Russia, however, opposed the use of cryptocurrency as a means of payment openly.
Binance CEO, Changpeng Zhao applauded Putin’s comments on cryptocurrency, saying he has seen very few other leaders with this level of understanding so far. CZ further noted that most other leaders are still at the level of, how do we issue a version we can control, which misses the point.
China marches ahead with its plan to issue its CBDC.
The People’s Bank of China is closing in on issuing the national digital currency dubbed as DC/EP. The PBoC has been working on its digital version of Yuan for the last five to six years and is now close to issuing to general people. Multinational franchises like McDonald’s and Starbucks are testing the centralized digital currency of China. Earlier, it was reported that the PBoC had put the digital currency project on hold, but the central bank clarified that they plan to push through with the project as planned. Currently, the digital currency is being tested in four cities, and the centralized cryptocurrency is expected to launch sometime this year.