Yusra3
VIP Contributor
The Central Bank of Russia (CBR) considers cryptocurrencies and stablecoins extremely seriously since they constitute a threat to the nation's economic stability, according to the president of the central banking system at a symposium hosted by the Bank of Finland's Institute for Growing Economies. Elvira Nabiullina, who spoke to the crowd via video conference and also shared the Russian perspective on central bank digital currencies, expressed caution about all of these sorts of private tokens (CBDCs).
According to Nabiullina, the introduction of cryptocurrencies, particularly global stablecoins, towards emerging economies could accelerate monetary substitution, displacing fiat currencies. As a consequence, financial stability concerns could rise, whereas the conduct of monetary policy may deteriorate, according to the high-ranking source, who spoke about Russia's digital ruble initiative during her speech.
According to Nabiullina, the introduction of cryptocurrencies, particularly global stablecoins, towards emerging economies could accelerate monetary substitution, displacing fiat currencies. As a consequence, financial stability concerns could rise, whereas the conduct of monetary policy may deteriorate, according to the high-ranking source, who spoke about Russia's digital ruble initiative during her speech.