Launch of state controlled cryptocurrency crypto ruble has now been announced for next year.
As can be seen from a statement by Russian Cryptocurrency and Blockchain Association, crypto ruble is expected to come next year. However, proposed means of payment is not a separate cryptocurrency. Crypto ruble should be a digital copy of the analogue ruble.
Authorities are hoping for some benefits from this digitization of the currency. By attaching to the ruble, the authorities want to prevent first, that the cryptocurrency is subject to speculation. In addition, authorities want to record all transactions. Chairman of Russian Crypto and Blockchain Association Arseniy Shcheltsin said in the publication that the launch of the cryptocurrency is intended above all to improve the efficiency of payment transactions within public institutions.
The government hopes that foreign investors can invest in Russian projects without much effort. As a result, they also want to remain connected to the field of digital currencies with a possible exchange of cryptocurrencies in the crypto ruble.
The relevant draft laws are expected to come in November of this year. Both the Central Bank, the Ministry of Communications and the Board of Directors around Putin must agree by then.
Crypto ruble: attempt to re-centralize
Current events in Russia, show a disagreement in government circles, especially in terms of cryptocurrencies and their regulation. While public figures in Russia condemned Bitcoin & Co., the legalization of crypto commerce was recently debated. But this is only limited – after all, trade should only take place on centrally controlled platforms. What is being attempted here is ultimately a re-centralization of decentralized processes.
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