Digital Currency in Russia and China
Digital currencies are the future for Russia’s financial system, central bank governor says
As the economy moves online, digital currencies will be the future of financial systems, according to Russia’s central bank governor, Elvira Nabiullina.
There is a need for fast, cheap payment systems, and central bank digital currencies can fill that gap, she told CNBC’s Hadley Gamble in an exclusive interview.
“I think it’s the future for our financial system because it correlates with this development of digital economy,” she said.
Moscow published a consultation paper on a digital rouble in October, and aims to have a prototype ready by the end of 2021. Pilots and trials could start next year, Nabiullina said.
China to hand out $6.2 million in digital currency to Beijing residents as part of trial
China will hand out 40 million renminbi ($6.2 million) of its digital currency to citizens in Beijing in a lottery.
Residents of the Chinese capital can use two banking apps to apply to win one of 200,000 so-called red packets as part of the lottery, according to the Beijing Local Financial Supervision and Administration Bureau.
Each envelope contains 200 yuan (about $31) of the digital currency which can be spent with selected merchants. The deadline to register is midnight on June 7.
Reference: CNBC
Thai
Eng