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Crypto Fever Is Fading Away — Governor Of Russian Central Bank

17:04 18/10/2018

Elvira Nabiullina, the head of the Central Bank of the Russian Federation (CBR), believes that the global cryptocurrency fever is coming to an end, according to the NTV television channel.


While speaking at the Forum of Innovative Financial Technologies held in Sochi, the CBR chairperson expressed her opinion that the boom of innovative technologies in the field of cryptocurrencies and blockchain is gradually coming to an end, and entrepreneurs have become wary of using new technological solutions.


Elvira Nabiullina


Nabiullina paid public’s attention to the fact that the fever associated with cryptocurrencies is fading away. Recently, blockchain technologies have evoked incredible enthusiasm, but now it is time for more balanced decisions. Entrepreneurial community is trying to improve innovative technologies and searching for areas and directions of their practical application.


One such solution, according to Nabiullina, is ICO projects, which are used to finance new products. At the same time, at the initial stage of development, these projects lacked sufficient security level.


Society has changed its attitude towards modern digital technologies, which are now the norm of life. Digital finance tools are for public consumption, the CBR head added.


The CBR governor’s viewpoint could have been influenced by data on a decline in the crypto market volume in 2018. Concurrently, blockchain technology is becoming increasingly popular in many countries worldwide and is deployed in various spheres.


As previously reported, the Russian parliament will adopt nine draft laws focused on the development of the digital economy, including the crypto sphere.

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