Russia is actively looking into Central Bank-backed cryptocurrency confirmed the head of the Central Bank of Russia, Elvira Nabiullina. She delivered a speech at the 468th Federation Council meeting, Duma. The statement further said that Russia is testing out digital currencies pilot projects that have worked in other countries. However, the central bank won’t allow private currencies to be circulated. They believe that private currencies could be a threat to the country’s financial system.

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However, a few weeks ago, Russia had said ‘No Obvious Need’ for cryptocurrencies. With the advent of time, Russia has come to understand the power of crypto.