Russia's Nabiullina sees digital currencies as the future of Moscow's payment infrastructure.
“ ‘I think it’s the future for our financial system because it correlates with this development of digital economy.’ ”
Speaking during an interview on CNBC, the head of Russia’s central bank said central bank digital currency, or CBDC, could fill the need for a fast, cheap payment system. She said that “it will be very difficult to create some interconnections between these systems to facilitate all cross-border payments.”
The Federal Reserve has said that it is currently studying the idea of a digital dollar DXY, +0.09%, but Fed Chairman Jerome Powell said the U.S. central bank won’t move without first winning the support of a large majority of the American public and Congress. In March, Powell said that “because we’re the world’s principle reserve currency, we don’t need to rush this project—we don’t need to be first to market.
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