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Does Russia need a national cryptocurrency? Opinion of the head of the Central Bank of the Russian Federation and experts

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Russian experts negatively evaluated the statements made on October 10 by the head of the Bank of Russia Elvira Nabiullina about “national cryptocurrency”.

Speaking at the Finopolis Forum of Innovative Financial Technologies in Sochi, Nabiullina said that "the need to issue a national cryptocurrency is not obvious." The head of the Central Bank explained:

“Not only for technological reasons, but also because it’s realistic to appreciate what the advantage of the national digital currency will be, for example, compared to existing electronic non-cash payments. There are many risks, and the benefits may not be obvious enough. ”

Commenting on the statements of Nabiullina, the economist Yuri Pronko noted that the head of the Central Bank is refusing the national cryptocurrency, because otherwise it would be impossible to keep Russian money abroad, for example, in gold and currency reserves, as is now done. Pronko believes that a national cryptocurrency could make spending budget funds absolutely transparent. He explained:

“All cryptocurrencies are colored. And when we hear constant talk about the fact that it is impossible to invest gold and foreign exchange reserves, because it will lead to inflation, so cryptocurrency, especially national, will allow, having “painted” this money, to spend it for its intended purpose on specific projects. This money cannot go anywhere else than to implement a specific project or plan. ”

But, in the opinion of Pronko, it seems that the Central Bank and the country's authorities now have more ambitious goals, namely, not to allow spending the state budget on the development of Russia.

“We see this by the way gold and foreign exchange reserves are allocated. 80% of the gold reserves of Russia are located outside the country. Crypt will not allow them to do this , ”said Pronko.

In turn, the candidate of economic sciences Alexei Lapushkin believes that talking about the national cryptocurrency is designed to distract the country's inhabitants from real problems, in fact, the Central Bank should deal with the ruble and the refinancing rate.

Lapushkin noted that national cryptocurrencies in other states are still in little demand. So, Venezuela has developed a similar project in connection with the introduction of international sanctions. Discussions about national cryptocurrencies are held in Turkey and Iran, in Sweden.

“But I believe that for us now the question of creating our own cryptocurrency is not entirely relevant, since it would be nice if Elvira Sahipzadovna figured out, first, the national currency and the monetary policy that is being pursued ,” the economist said.

According to Lapushkin, neither the introduction, nor the absence of the Russian cryptocurrency, most likely will not affect the Russian financial market and monetary policy.

“Therefore, I believe that, rather, now we need to discuss not about the introduction of cryptocurrency, but about reducing the refinancing rate and changing, respectively, monetary policy. Because it seems to me that discussions about cryptocurrency are an attempt to divert in the direction of Nabiullina from the very specific, pressing, burning problems that the country faced yesterday. This is a reduction in the discount rate and easing of monetary policy, ”the expert concluded.

Publication date 10/12/2019
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Institutionals bet on bitcoin growth, positions on BTC futures doubled

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One of the indicators that signal a possible change in the price of bitcoin is the number of open futures positions on the Chicago SME exchange.

In October 2019, institutional investors doubled the cost of long positions in BTC futures contracts , the Cointelegraph reports.

Institutional Investors Interested in BTC

According to a study conducted by analysts on October 22, the estimated value of the long positions of institutional investors rose to a value above 1000 bitcoins, compared with data on October 1, when this value fell below 500 BTC.

Data on long-term futures on the CME exchange indicate a turning point in the downward interest of the institutional, outlined in September 2019. The sharp collapse coincided with the launch date of physically delivered bitcoin futures from the Bakkt platform , when interest fell from 1300 VTC to below 500 bitcoins.

Analysts at Skew Markets have additionally indicated that institutional investors include:

"… pension funds, insurance companies, mutual funds and investment portfolio managers."

Such analytical data may indicate the continuing desire of large investors to enter the cryptocurrency market.

Recall, the head of CFTC believes that next year, the market may begin to trade futures on Ethereum (ETH) . He also noted that in addition to Bitcoin and Ethereum, other cryptocurrencies can also be classified as goods.

Publication date 10/23/2019
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Tim Draper believes that Ripple coin is preparing for a sharp increase in

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The investor, Bitcoin bull Tim Draper, believes that the current situation in the Ripple market can be called the “calm before the storm” – in his opinion, in the near future, the XRP rate may suffer explosive growth.

During his communication with the participants of the crypto market at the Quora forum, Draper noted that, given the three-fold increase in the Bitcoin exchange rate over the past 5 months, it can be expected that the Ripple coin will also demonstrate similar behavior.

According to the investor, the price of XRP should have already increased to about $ 0.6 or $ 0.9, taking into account all the latest developments of the project and the conclusion of new partnerships. Draper drew attention to the fact that the project is constantly improving its technology for cross-border payments. Moreover, Ripple belongs to the largest SBI corporation, which includes such a serious company as R3. So, according to the investor, everything indicates that now there is only a “calm before the storm”, that is, a calm before the explosive increase in the value of the coin.

Meanwhile, Ripple is developing further. On the eve it became known about the intention of the project to expand its presence in Washington. Brad Garlinhouse, CEO of Ripple, noted that this step will allow the company to be closer to regulators, to train them on the principle of operation of blockchain technology and cryptocurrencies.

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Opera became the first browser in which the built-in bitcoin-wallet

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Opera web browser developers have added support for TRON bitcoin payments and cryptocurrencies to their application for Android devices, CoinDesk writes.

From now on, Opera users will be able to make payments in Bitcoin (BTC) directly from the digital wallet built into the application and interact with decentralized applications on the TRON network. According to the company, these features can help attract new holders to its cryptocurrencies from its database of 300 million users.

“Most people heard about Bitcoin, and we decided to add its support, as well as introduce a wider group of users to this function ,” said Charles Hamel, head of cryptocurrency business at Opera.

In July 2018, an Ethereum wallet was added to the Opera app for Android. The company explained this decision by its desire to contribute to the development of Web 3.0 and implement the vision of creating a decentralized Internet of the future on the blockchain. Later, the release of a cryptocurrency- oriented browser for iOS and a desktop version with support for a digital wallet took place.

Hamel claims that Opera applications are already optimized for working with Web 3.0, however, the integration of bitcoin required additional resources due to the differences of the first cryptocurrency.

“Bitcoin is a completely different phenomenon, which requires its own infrastructure and has a payment-oriented application scenario,” he added.

Publication date 10/23/2019
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Name Price24H (%)
Bitcoin (BTC)
$7,483.99
-8.64%
Ethereum (ETH)
$159.48
-7.29%
XRP (XRP)
$0.273973
-6.69%
Bitcoin Cash (BCH)
$209.46
-8.44%
EOS (EOS)
$2.76
-5.55%
Stellar (XLM)
$0.059993
-5.58%
Litecoin (LTC)
$49.15
-9.28%
Cardano (ADA)
$0.036517
-7.22%
Tether (USDT)
$1.00
0.14%
Monero (XMR)
$53.38
-7.76%
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