The central banks of Russia and the Bahamas explore digital currencies

The Central Bank of Russia and the Central Bank of the Bahamas began working on the development of digital currencies based on Blockchain technology.

 The central banks of Russia and the Bahamas explore digital currencies

Central Bank of Russia tests stablecoins

The director of the Central Bank of Russia, Elvira Nabiullina, has indicated that the investigations of stablecoins and their potential uses have begun, but that their main objective is to carry out regulatory tests.

Nabiullina said: "We are testing stablecoins in our regulatory 'test environment'. We see companies willing to issue tokens linked to certain real assets. In our regulatory test environment, we are learning the potential uses of stable currencies, but we do not assume they will work as a means of payment or that will become a substitute for money.”

At the same time, the Russian central bank continues to investigate the possibility of issuing the digital ruble (CBDC).

Central Bank of the Bahamas plans to issue its digital currency

The objective of creating a digital version of the Bahamas dollar is to achieve a more efficient and non-discriminatory operation of access to financial services in the country.

According to the Central Bank, the digital currency would reduce the negative effects that have to do with the use of cash: "The use of cash also imposes physical security risks to businesses and creates more exposure to fraudulent losses in relation to electronic transactions of point of sale In terms of physical security, a widely adopted CBDC would also place users at a lower risk of violent crimes directed at cash holders, and potentially reduce the security and insurance costs associated with the cash maintenance in commercial premises".