A Russian presidential representative agrees with the US FED’s statements on CBDCs and says that a „fast-second“ strategy is much more effective than trying to be first.
A Russian official argued that the country should have launched an investigation into CBDCs four years ago to claim leadership in the field.
Russian officials must now declare their holdings in cryptosystems
However, according to Dmitry Peskov, Special Representative of the President of the Russian Federation on Digital and Technological Development, the advantage of being the first to act also entails a number of risks in terms of financial stability.
According to the RBC news service on 23 October, Peskov said that a „fast-second“ strategy in developing a CBDC could be more efficient than becoming the world’s first issuer, stating
„The financial risk is so great that it seems to me that a fast-second strategy is much more effective than trying to be first. Let’s see what the leader can do and what impediments he will encounter.
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Peskov stated that Russia’s CBDC, a digital rouble, could become a reality in three to seven years if development begins now.
The Central Bank of Russia officially published a consultation paper on the CBDC on 13 October. Subsequently, Anatoly Aksakov, a member of the Russian State Duma and a key representative of Russia’s legislative efforts related to cryptomoney, stated that the digital currency will enter a pilot phase in the first half of 2021. Aksakov is confident that the next digital rouble „is the future“, while decentralised crypt coin tokens such as Bitcoin (BTC) have no future.
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Financial experts from other countries are also taking a wait-and-see approach to CBDCs. On October 19, Jerome Powell of the US Federal Reserve said that it is better to do it right than to be the first. The New Zealand central bank expressed a similar position, saying that „there is a lot of work to be done“ in the CBDC area before issuing a national digital currency.