Russian official says 'crypto-ruble' will be launched in 2-3 years

15 Jan, 2019
by Arthur Sillers
Regulation
Russian official says 'crypto-ruble' will be launched in 2-3 years

According to RIA Novisto, a Russian politician has said that a ‘crypto-ruble’ will be released in 2-3 years, hoping to be the first major state-backed digital central currencies.

Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, explained that he is seeking to implement a digital currency, which is essentially ‘no different from the fiat ruble, except that it appears to the blockchain.’

Indeed, Aksakov has a history of being sympathetic to digital currencies in general, having hinted that he was considering plans to introduce blockchain to central Russian finance last November.

The first such digital national currency has been the ill-fated Petro, which was seemingly introduced in a desperate bid to fight the financial crisis in Venezuela. The difference is apparently that while the Petro is a security token based on oil reserves, the ‘crypto-ruble’ will ostensibly offer Russians a seamless opportunity to convert their fiat money to digital currency.

Currencies like the one proposed by Aksakov are likely going to proliferate, as politicians become friendlier to crypto and want to integrate the benefits of digitally-based currency into their platforms.

Read more: Politician receives Taiwan's first ever political donation in BitcoinJapan may approve seven new crypto exchanges within the next six months

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