Deputy Chairman of the Central Bank Alexey Zabotkin called bitcoin and other digital coins too volatile and explained what quality they are losing because of this
Cryptocurrency cannot be used as a means of payment, because it does not have the properties of money, said Deputy Chairman of the Central Bank Alexei Zabotkin. He added that digital assets have another drawback - they cannot be a savings tool due to high volatility. Zabotkin cited bitcoin as an example of an asset with strong price fluctuations, Prime reports .
“What is called cryptocurrencies are private tokens, digital, that can be transferred from one owner to another. But these private tokens do not have the most important properties of money, namely the ability to be used as a means of payment ... And more importantly, they cannot be used as a reliable store of value, since their value fluctuates very much from day to day, from month to month. " - said Zabotkin.
He clarified that cryptocurrencies do not have an issuer who could guarantee their reliability and be responsible for the issuance process and further circulation. In this, such assets differ from the digital ruble, Zabotkin emphasized. He explained that the Central Bank ensures the conversion of digital currency into other forms of money, keeping a ratio of 1 to 1, and maintains its value.
In October, the Bank of Russia announced that it would study the feasibility of issuing a digital ruble. Later, the department held a public discussion on the development of a new currency. According to its results, as reported in the Central Bank, the vast majority of financial market participants supported the feasibility of introducing a digital currency.
The main thing about the digital ruble: when it will appear and where it will be used
The head of the Ministry of Finance called the advantages of the digital ruble
Moody's predicted an outflow of funds from bank accounts due to the digital ruble