Russian CryptoRuble Launch remains unclear


Following numerous discussions and official conferences, Russian CryptoRuble Launch remains unclear. While some of the Russian officials support the idea of the national cryptocurrency, others appear to adopt an opposite stance. 

3 January, AtoZForex The economic advisor to the President of Russia Vladimir Putin has expressed further support for the national cryptocurrency development. Sergei Glazyev has stated that the CryptoRuble could help ease the pressure of Western sanctions.

Russian CryptoRuble Launch remains unclear

Yet, Russian authorities have not expressed any exact and unified opinion in regards to the issuance of a national digital currency.  In fact, the implementation of ‘CryptoRuble’ or ‘Cryptor‘ project in Russia is one of the latest significant development in the cryptocurrency market last year.

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CryptoRuble will be running on blockchain technology and traded through the Internet. However, the Russian government stated that the citizens can exchange CryptoRubles into regular rubles at any time. Yet, if the holder is unable to explain the nature of the origin of his/her CryptoRubles, a 13 percent tax will be levied.

Mr. Glazeyev has stated that a government –managed cryptocurrency would aid Russia in alleviating the effect of Western sanctions:

 “This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions.”

Russian authorities send mixed signals

The positive position of Glazeyev appears as the latest point in regards to the Russian CryptoRuble Launch topic.

One of the local media reports in Russia stated that on 28 December, Russian officials have held a meeting regarding the legislation on cryptocurrencies. It also is reported that the overall sentiment of the meeting has been negative.

The Deputy Minister of Finance Alexey Moiseev and first Deputy Governor of Russia's Central Bank, Olga Skorobogatova have mentioned they see no need for the issuance of a national cryptocurrency. Yet, back in June 2017, Skorobogatova has stated the opposite:

 “We will definitely get to a virtual national currency, we’ve already started working on it.”

CryptoRuble: To be or not to be?

The Russian authorities have been explicitly discussing the idea of a national digital currency as legal tender back in 2015. Qiwi, the Russian payment service provider, has been the key initiator of the idea. That time, the officials were looking into the concept called “BitRuble.”

As of the moment, there is a special working group within the Russian government that is responsible for the oversight of the cryptocurrency risks and regulations.

Not so long time ago, there was a speculation about the potential outright cryptocurrency ban in Russia. However, the exact Russian government’s plans remain unknown. Nevertheless, many industry insiders are foreseeing the upcoming Russia cryptocurrency use regulations.

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