The Cardinal Banking concern of Russia'due south (CBR) start deputy governor has said that blockchain technology is not the "universal solution," many promised it would be five years ago.

In an interview with Euromoney on April 2, Olga Skorobogatova took a deep dive into the bank'due south initiatives, sandboxes, and experiences with blockchain deployment.

Following three years of experimenting with the Masterchain platform — a local blockchain-based network for transferring valuable fiscal data similar mortgage bookkeeping — Skorobogatova said, "Blockchain is a great fit for things like letters of credit and guarantees because it is essentially a technology of trust."

All the same, she further added that blockchain is not the cure-all that many believed it would exist:

"I remember being told by some tech companies back then: 'Olga, in five years everything will be powered by blockchain, there will be no other technologies.' I responded that this technology would work in cases when it would create additional value but not equally a substitution for everything. Time has proven me right."

But what most cryptocurrencies?

Skorobogatova said she does not believe in cryptocurrencies as a means of payment as they pose major risks for customers. She noted cryptocurrencies' high volatility, lack of guarantee for savings, and usage in money laundering as major threats.

The deputy governor noted that the primal depository financial institution is in talks with other regulators on the effect of global stablecoins, stating that, at this point, stablecoins heighten more than questions than answers.

The CBR has flirted with the thought of a national digital currency, which Skorobogatova questions besides:

"For me, the big question is if there is any added value in using central bank digital currencies (CBDCs) – for the economy, for individuals and for businesses. Clearly, people want fast digital payments, just this tin be implemented with a national fast payments platform. What can CBDCs bring to the table? So far, no ane in Russia or elsewhere has been able to give a convincing respond or even to explain the difference between electronic payments and CBDCs."

Russian federation's contempo approach to crypto and blockchain regulation

Meanwhile, Russia has postponed its pecker "On Digital Financial Assets" yet once again. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets and chairman of the National Cyberbanking Quango at the CBR, admitted that previous delays in the bill's adoption were caused by disagreement on the new asset type betwixt local authorities.

Aksakov said that the cardinal bank opposed the legalization of crypto while the State Duma advocated some crypto initiatives.

On March 24, the Ministry building of Economical Development of Russian federation reportedly prepared a typhoon police that would allow the testing of cryptocurrency and blockchain developments inside a special regulatory sandbox.