Olga Skorobogatova suggests that Blockchain is not a "universal solution"

Olga Skorobogatova, the deputy governor of the Central Bank of Russia (CBR), said in an interview with Euromoney that blockchain technology is a good solution when it comes to letters of credit and guarantees but it is by no means a "universal solution" as many members of the crypto community have been claiming.

Olga Skorobogatova suggests that Blockchain is not a "universal solution"

Skepticism about blockchain's potential

Olga Skorobogatova, the deputy governor of the Central Bank of Russia (CBR), said in an interview with Euromoney that blockchain technology is a good solution when it comes to letters of credit and guarantees but it is by no means a "universal solution" as many members of the crypto community have been claiming. The Central Bank of Russia has been experimenting with a blockchain-based platform for transferring valuable financial data, called the Masterchain. In this regard, Skorobogatova states: "Blockchain is a great option for things like letters of credit and guarantees because it is a trusted technology."

Skorobogatova is not a supporter of cryptocurrencies as a means of payment, as she states that the risk to users is very high due to high volatility, the lack of a guarantee of savings and the potential threat of using cryptocurrencies as a means of laundering. of money. Skorobogatova is skeptical about the opinions of those who believe that blockchain will be a solution that will change the global economic and financial model: "I remember that some technology companies told me back then: 'Olga, in five years everything will be powered by blockchain , there will be no other technologies. '" I replied that this technology would work in cases where it would create additional value, but not as a substitute for everything. Time has proved me right."

The Central Bank of Russia has been analyzing the creation of a national currency based on blockcgain technology, which are known as CBDC. But Skorobogatova has questioned this initiative stating: “For me, the big question is if there is any added value in the use of digital currencies from the central bank (CBDC), for the economy, for people and companies. Clearly, people want fast digital payments, but this can be implemented with a national fast payment platform. What can CBDC contribute? Until now, no one in Russia or anywhere else has been able to give a convincing answer or even explain the difference between electronic payments and CBDCs."