The Russian Association of Cryptocurrency and Blockchain has noted that the authorities’ long-discussed concept for a nation-issued digital currency, known as the CryptoRuble, will be launched within the middle of 2019. The Russian authorities has been going back and forth on launching the CryptoRuble because 2015. As currently as late December, 2017 throughout an assembly on regulation for digital currencies, the Deputy Minister of Finance and the first Deputy Governor of Russia’s central bank each mentioned that they did not suppose it was essential for the nation to issue its personal digital currency.
In line with Arseniy Sheltsin, the head of Russian Association of Cryptocurrency and Blockchain, information of the CryptoRuble venture will be formally offered and discussed in July 2018, and the coin itself should be issued a year later. The authorities and the central bank of Russia also are predicted to prepare regulatory measures for Initial Cryptocurrency Offerings and digital currency mining via July 2018. Early in 2018, one of President Putin’s counselors noted that the CryptoRuble should assist the Russian government strengthen the economic system by avoiding the effect of worldwide sanctions towards the country.
In line with Russian digital currency magazine Forklog, the coin is set to be pegged to the ruble, non-mineable, and will be the only legal digital currency in Russia. The authorities hopes the CryptoRuble will attract foreign digital currency investments. However, the highest leaders within the Russian authorities have held combined to bad reviews towards digital currencies.
On January 12, Vladimir Putin said:
“It is known that there’s nothing at the back of the digital currency, and it can’t be a store of value, it doesn’t have any material value, and it’s not backed by something.”
Russia’s Prime Minister, Dmitry Medvedev, recently criticized digital currencies at the Gaidar’s forum in Moscow. Dmitry Medvedev compared the digital currency trend with the dotcom bubble and noted that most digital currencies are probably to cease to exist, even as Blockchain will continue to be.
Dmitry Medvedev said:
“We can’t absolutely exclude the situation that happened at the start of the 90s while many organizations arose on the basis of the growing internet technology and within the starting of the 2000s those organizations generally disappeared from the scene. Although, the blockchain itself not just survived but presently performs an essential role in our life. In a possible way digital currencies can disappear in numerous years, but the technology, which stands at the back of them, I mean blockchain, will become part of our ordinary life. This scenario can’t be denied,”
In response to the Russian authorities’ latest critique of digital currencies the CEO and Chairman of the executive Board of the largest Russian bank – Sberbank, Herman Gref, called on the government to not ban digital currencies. He considers each digital currencies and Blockchain to be the new big technologies whose strength can’t be found out nowadays. Herman Gref additionally noted that digital currency in no instances need to be banned. Numerous different nations have also introduced plans to introduce their personal country-issued digital currencies, including Venezuela and Senegal.