Russian Official revealed that the ‘CryptoRuble’ is no longer a goal but rather work under progress and may be initiated as soon as ‘two to three years.’ CryptoRuble is the country’s alternative to its fiat currency, and the project is based on the integration of blockchain technology.
The head of the financial markets committee at Russia’s state parliament Anatoly Aksakov was the one who revealed the project to the public. He then added that the functioning of the CryptoRuble would ‘not differ’ from the fiat ruble. He then stated that the functioning would remain the same, but the currency will, therefore ‘exist on the blockchain network.’
On taking over as committee chair, he seemed determined to define cryptocurrencies for regulations. He believed that the more Blockchains are used in the financial markets and the banking sphere of Russia ‘the more likely it is that the Cryptoruble will appear.’
The country is still nowhere close to a ‘crypto friendly state’ and even the laws that were accepted last year have since met with such criticism that the implementation has been delayed. Much of the criticism came from the country’s central bank.
More importantly, rumors have started appearing that even though the country has not officially accepted these cryptocurrencies, the government plans on actively investing in the crypto industry to evade US transactions. The report can be supported by the statistics as recently there was a rise in the volume of Bitcoin purchased by Russian citizens. Russian politicians have previously mentioned the use of Bitcoin.