Aksakov saw the future in digital currencies, and a bubble in bitcoin

  • Aksakov saw the future in digital currencies

  • Bitcoin is still a bubble that will burst soon

  • The domestic financial market is skeptical about the idea of ​​a digital ruble

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Head of the State Duma Financial Market Committee Anatoly Aksakov predicts high demand for the digital ruble among the population

The digital version of the ruble will be in high demand. This opinion is shared by the head of the State Duma Committee on the Financial Market Anatoly Aksakov, writes TASS.

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According to Aksakov, digital currency has a long list of attractive features that make it an important component of the future..

“There is a whole group of components that make this instrument [the digital ruble] attractive, so I am sure that the digital ruble is the future,” he said..

At the same time, Aksakov admitted that the emergence of digital currency will become a “challenge” for credit institutions.

The future for our

In relation to other cryptocurrencies, the head of the State Duma committee on the financial market has a different opinion. In an interview with TASS, Aksakov said that bitcoin is a bubble that “sooner or later must burst.”.

“This is a private currency, its [bitcoin] value is determined by the trust of the participants in the relevant information system,” Aksakov said..

Bitcoin has been called a bubble many times in its history. Nevertheless, the asset remains in first place in terms of market capitalization with $ 710.6 billion at the time of writing..

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Such a critical statement by Aksakov did not go unnoticed in domestic cryptocurrency circles. So, for example, in the official Telegram channel of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RAKIB), they were puzzled by the future of Aksakov in the elections in 2021 after such loud statements:

Aksakov saw in digital currencies ...

“As if Mr.

CEX blog. IO | CB ?F shared new details about the digital ruble

Aksakov in the elections in 2021, he himself did not turn out to be a soap bubble” [punctuation of the source retained]. 

Compulsory import substitution

Vasily Solodkov, director of the Banking Institute of the Higher School of Economics, is also skeptical about the usefulness of the digital ruble..

According to Solodkov, the state currency, even in digital format, “obviously loses” to cryptocurrencies and is several times inferior in terms of opportunities. The digital ruble, Solodkov notes, will not have such functions as anonymity, cross-border and limited emission.

Other participants in the financial market are also wary of the digital ruble. In their opinion, it is possible to create a digital ruble without the scenarios proposed by the Bank of Russia. As the executive director of the National Payment Association Maria Mikhailova said, the digital ruble proposed by the central bank can be created without the monopoly of the Central Bank, as proposed by the regulator.

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