As the Russian central bank navigates towards a Digital Rubbles, the crypto community seems not to be confident about it. They believed the approach to adopt cryptocurrency will take the nation back to the centralized Sovient Union model.
The group named Russian cryptocurrency and blockchain association known as RAKIB, expressed concern through a letter to the Chairwoman,of the Bank of Russia, Chairwoman Elvira Nabiullina, They believed the digital Rubble which will not allow banks to issue and operate digital rubble tokens is not a good move to adopting crypto.
China’s DCEP is better, they maintained because it allows individual banks to operate the digital yuan. That allows the government to be only regulators and not also the issuers. Whereas, the russian government is both the regulator and the issues of the currency. That will make financial services more centralized and as such bring more competition to banks.
The chinese government in this regard started the pilot of the novel, Digital Yuan named DCEP in late 2019. The digital yuan is said to be issued through commercial banks and big techs, therefore improving bank settlements and cross border remittances.
Okereke has a passion for researching blockchain and cryptocurrency. He enjoys creating long form educational content to inform others on the opportunities in this space.