Bank of Russia Starts National Virtual Currency Development – Deputy Governor

The logo of the 2017 St. Petersburg International Economic Forum (SPIEF)

© Sputnik/ Alexei Danichev
The Bank of Russia has launched work on creating a national virtual currency, Deputy Governor Olga Skorobogatova said Friday.
ST. PETERSBURG (Sputnik) — Skorobogatova spoke at the St. Petersburg International Economic Forum (SPIEF). Sputnik is an official media partner of SPIEF.
“We will get to the virtual national currency. We have already started working on this,” she said.
She noted that “all regulators came to the conclusion that of course national virtual currency should be done.”
“This is the future. The question is of specific time,” Skorobogatova said.
On May 25, Skorobogatova announced that in a month the Bank of Russia would represent draft legislation on taxation, control and accounting related on the virtual currencies as a digital good.
“During the autumn session, we and other ministries and agencies may put forward a proposal on how to determine what a private virtual currency is and how it should be regulated on the state level,” Skorobogatova noted.
SPIEF, held in Russia’s second largest city of St. Petersburg between Thursday and Saturday, is a major global platform for communication between business representatives and discussion of crucial economic issues. The Sputnik news agency is an official media partner of SPIEF.