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Russian President Vladimir Putin ordered Moscow to work on the creation of the national cryptocurrency of Russia, christened "Cryptoruble". a way to escape the sanctions.
At a recent meeting of the government, Sergei Glazev, Putin's economic adviser, told other officials that a cryptoruble could serve as a "useful tool" to circumvent crippling international sanctions .
In quotations from the Financial Times, Glavez stated:
This instrument suits us very well for a sensitive activity in the name of the state. We can settle accounts with our counterparties anywhere in the world regardless of penalties.
The FT report also quotes Moscow officials claiming that President Putin has commissioned work on the development and establishment of a cryptocurrency. Cryptocurrency would be, in essence, the digitized equivalent of the fiat ruble "but its circulation would be limited in a certain way," added Glavez. The official stopped to reveal more details, but confirmed that the Kremlin would have complete control of the cryptocurrency.
NCC reported a closed meeting between Putin and Moscow's political elite in mid-October, during which Russian Communications Minister Nikolai Nikiforov revealed Putin's mandate to create a crypto- national currency. The cryptoruble will be developed and released "quickly," said Nikiforov.
"I declare with such confidence that we will launch the cryptoruble for a simple reason: if we do not do so, our neighbors in the Eurasian Economic Community will do so in two months," the minister added. time.
Basically, cryptocurrency can not be undermined and therefore can not be issued – presumably by the central bank. The Central Bank of Russia (CBR) has notably experimented a number of digital currency pilots with a view to a national cryptocurrency in 2017.
Putin, who became acting president of Russia in 2000, has already announced his candidacy for a second consecutive term and the fourth term as a whole in the forthcoming presidential elections in March and April 2018.
In October 2017, Putin acknowledged that cryptocurrencies "are becoming or have already become a means of payment in their own right, as well as a means of investment" in a number of countries across the world. They also carry "significant risks," Putin said. In the coming weeks, Putin approved a framework calling for the regulation of initial coin offerings (ICO) and cryptocurrency mining in Russia.
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