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Cryptocurrency to improve efficiency of international payments – expert

Cryptocurrencies can make transnational payments more efficient, said Elizaveta Danilova, director of the Central Bank’s Financial Stability Department, at the expert discussion Digital Currencies: Potential Risks and Benefits, which took place as part of the Gaidar Forum, organized by the Russian Presidential Academy of National Economy and Public Administration (RANEPA). 

“The objective of the current cryptocurrency is to increase the efficiency of cross-border payments. Other alternative payment systems are doing the same and it is still unclear which one is the best,” Danilova said. 

She said that alternative payment systems can benefit the financial if they are reliable and do not allow money laundering. 

Elena Sinelnikova-Muryleva, senior research fellow at the Center for the Study of Problems of the Central Banks at RANEPA, added that large banks are working on their blockchain payment systems.

“These banks are not as cautions as the national central banks. Their systems can give a tough competition to cryptocurrencies,” the expert concluded.

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