Former Russian President and Prime Minister, Dmitry Medvedev, has expressed his opinion on state-backed digital currency.
Medvedev believes that cryptocurrencies and central bank currencies (CBDCs) will gain people’s trust more.
While speaking at the Saint Petersburg International Legal Forum, Dmitry Medvedev said “It’s time to recognize their importance,” (referring to CBDCs).
“It is essentially a new form of money, and their trust will be immeasurably higher than trust in cryptocurrencies,”
He also stressed that the creation of any digital currency must be supervised by stakeholders and experts in the financial industry.
“We must not allow global standards of conduct […] to become an instrument of international economic totalitarianism. All actors, state and non-system, must be involved in the development of these approaches.” Medvedev said.
Bank of Russia’s first Deputy Governor, Olga Skorobogatova, earlier revealed plans the prototype of a digital ruble will be ready by the end of this year.
CEO of heavyweight cryptocurrency exchange, Binance, Changpeng Zhao – has a different opinion from Dmitry Medvedev.
He believes that restrictions surrounding freedom of use and limited supply will hamper state-backed cryptocurrencies and make them less attractive to the public.