Cryptocurrencies and blockchain technology has received significant attention at the ongoing Saint Petersburg International Economic Forum. The Russian Central Bank made an important announcement regarding its plans to introduce a national cryptocurrency during the event.

The introduction of a national cryptocurrency comes at a time when Russia is mulling over the possibility of legalizing Bitcoin and other altcoins in the country. The plans to develop a national cryptocurrency was announced by Russian Central Bank’s Deputy Chairman, Olga Skorobogatova.

Skorobogatova was quoted by one of the leading Russian media outlets saying,

“Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects, we will understand what system we could use in our case for our national currency.”

The Russian Finance Ministry recently announced its intentions to introduce Bitcoin regulations, offering a legal status to cryptocurrencies. The move is completely opposite to the ministry’s earlier stance which involved criminalizing the use and trade of Bitcoin and other cryptocurrencies.

Russia’s decision to legalize Bitcoin closely follows Japan’s latest move to recognize the cryptocurrency as a legally valid mode of payment. The Russian Central Bank’s decision to introduce a national cryptocurrency is similar to the proposals put forward by respective regulatory bodies in England, United States and others.

Governments can save a lot of taxpayers’ money and resources by adopting cryptocurrency as a legal tender. The use of cryptocurrency will eliminate the costs otherwise involved in printing, transporting and managing physical banknotes. At the same time, cryptocurrency adoption will further promote the adoption of cashless payment methods.

With the banking sector increasingly adopting blockchain technology, the transition between conventional monetary system involving physical currency to blockchain based electronic currency will be smooth. It is just a matter of time before other countries also start adopting a similar stance.

Ref: TASS | Image: NewsBTC