Nabiullina: Digital currencies are the future of the financial system

As the economy moves online, central-bank digital currencies will be the future of financial systems, said Elvira Nabiullina, head of the Bank of Russia, in an interview with CNBC.

“There is a need for fast and cheap payment systems, and central-bank digital currencies can fill this gap,” she said.

“If each bank creates its own system in line with local standards, it will be very difficult to build interconnections between [different] systems to facilitate cross-border payments.”

As noted, among the advantages of the central bank’s digital ruble being developed, Nabiullina named the low cost of operations, the ability to track spending, and a high level of protection.

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