Russia Plans To Have its Own Form of Cryptocurrency

Russia is planning to introduce its own cryptocurrency – ‘Crypto-Ruble,’ according to a report published on January 20. Vladimir Putin, the President of Russia, has specifically ordered finance and digital experts to create the digital currency within the next two years. 

Paul Goncharoff, a financial expert and an American businessman residing in Moscow; explained the current situation of crypto-ruble in the report.

Paul mentioned about Professor Vladislav Ginko, a Russian economist associated with the Russian government, who believes that Russia will be investing in bitcoin by February 2019. The statement made by Ginko went viral amongst the bitcoin and cryptocurrency community.

As per the report, Paul stated that –

“Despite Ginko’s announcement, that this is highly unlikely, the fact that there is a very serious discussion on the floor of the Duma and in the Kremlin about crypto-rubles is interesting though. The rules and the concepts are being developed now, as we speak, within the Russian government and central bank, but this is not what the geeks of the world would like to see: a peer-to-peer decentralized cryptocurrency.”

The report further noted that – a crypto-ruble will not be open to the general public to mine as it was explained in the Duma (lower house of the Federal Assembly of Russia). The central bank will manage the new cryptocurrency and will be available to Russian citizens as well as to the international buyers and traders.

THE CENTRAL BANK WILL MANAGE THE NEW CRYPTOCURRENCY - 'CRYPTO-RUBLE' AND IT WILL BE AVAILABLE TO RUSSIAN CITIZENS AND INTERNATIONAL BUYERS AND TRADERS. (1) (1)

Paul also stated that “One crypto-ruble is equivalent to one ruble. What it does do is enable the use of electronic currency, in this case, the crypto ruble, to be used to buy a cup of coffee, buy an apartment, a number of things.”

Paul speculated that the launch of the crypto-ruble might be within the next two years. While few optimists say, crypto-ruble is likely going to be issued in this year. Not only Russia, but many other countries are also looking to introduce their own cryptocurrency.

Russia has been stocking up on gold as a defender against economic sanctions. According to a Global Research report, Russia has already tripled its gold reserve, as it prepares for renewed economic fights with the U.S.

Vladislav Ginko, referring to media rumors on Russia’s investment in Bitcoin posted on Twitter –

Paul stated in the report about things happening and many people are unaware; he further added, “A number of months ago I wrote an article about discussions that are rumored to be going on between Russia and China about a currency which will be backed by a commodity or a basket of commodities, which is gold, energy, and oil.”

It seems that Russia is planning big to counter US sanctions against them by showing interests in investing heavily in a cryptocurrency like Bitcoin. All we need to do is wait and watch on how things can reflect for Russia once it introduces its own cryptocurrency.

What do you think, Will Russia go for its own cryptocurrency? Share your thoughts in the comments.