Cryptoruble’s Fate Is Still Uncertain: Cryptocurrency’s Facts & Op...

Cryptoruble’s Fate Is Still Uncertain: Cryptocurrency’s Facts & Opinions

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Early this month, Russia’s president Vladimir Putin commissioned work to create a cryptoruble as a tool to circumvent international sanctions. He first ordered the creation of this new currency in October of last year. According to Arseniy Sheltsin, the head of RACIB, details of the CryptoRuble project will be officially presented and discussed in July 2018, and the coin itself should be issued a year later. The Government and the Central Bank of Russia are also expected to prepare regulatory measures for Initial Cryptocurrency Offerings (ICOs) and cryptocurrency mining by July 2018. Deputy Finance Minister Alexei Moiseev told reporters at the forum that his ministry “supports the idea of using a cryptoruble in cross-border settlements,” Tass also reported. He detailed:
“The issue on which to focus now is the use of electronic money, a cryptoruble, in cross-border settlements. Settlements with our leading trading partners, at least the countries of the former USSR, could be made not in a foreign currency but in electronic rubles.”
In an interview with Hi-Tech Mail, the Russian Association of Blockchain and Cryptocurrency (RACIB) estimated that the cryptoruble will not appear in Russia until at least the middle of next year.
“If the proposal on the cryptoruble will be put forward in July as part of the president’s instruction, the normative documents will be drafted and introduced in the fall,” the director of the association explained, adding that: “They should be agreed at the end of the year, and the launch of the currency will take place in the middle of 2019.”
However, earlier this month Russia’s Prime Minister, Dmitry Medvedev, criticized cryptocurrencies at the Gaidar’s Forum in Moscow. He compared the virtual currency trend with the dotcom bubble and suggested that most cryptocurrencies are likely to cease to exist, while Blockchain technology will remain, declaring:
“We can not completely exclude the scenario that took place at the beginning of the 90s when many companies arose on the basis of the developing Internet technology and in the beginning of the 2000s those companies mostly disappeared from the scene.  Nonetheless, the technology itself not only survived but currently plays an important role in our life. In a likely manner cryptocurrencies may disappear in several years, but the technology which stands behind them, I mean blockchain, will become a part of our everyday reality. This scenario cannot be denied,”
This week the first deputy governor of the Bank of Russia, Sergey Shvetsov, said at the Gaidar Forum that “The appearance of a cryptoruble in the foreseeable future is unlikely,” Tass reported. He elaborated:
“I’m of the opinion that as long as the demand for cryptocurrencies is linked to a large extent with the bypass of regulations, it is clear that the regulator cannot afford to issue a cryptoruble, which will allow to bypass regulations.”
So, today we cannot say exactly whether cryptoruble will be created or it will be left in our minds as a good idea of Russian Government.   When do you think Russia will finally issue a cryptoruble? Do you think it will be a cryptocurrency? Let us know in the comments section below.  

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