Russia’s Crypto Community Fears Digital Ruble Plan Means ‘Back to USSR’
A Russian cryptocurrency and blockchain association warns the Bank of Russia against centralizing the digital ruble.
Russia's central bank told CoinDesk that over 80% of feedback on the digital ruble was supportive of the project.
Banks had feared being drained of liquidity under the original concept for the digital currency.
The digital ruble will live in a hybrid technological platform combining distributed ledger technology and centralized control by the central bank.
Some telcos are looking at developing a digital wallet that would link the digital currency to users' mobile phone numbers.
Russian banks are concerned the digital ruble might hurt their business, but the Bank of Russia is nonchalant