Cryptoruble Coming Soon

According to a Russian Official, a cryptocurrency version of the Russian Ruble will be coming in the next 2 to 3 years.

This came during an interview on local news show RIO Novositi where Anatoly Aksakov, chairman of the financial markets committee at Russia’s state parliament the Duma, made the revelation.

Aksakov stated that the country wants to enjoy the benefits of cryptocurrency and that the cryptoruble would be no different from its fiat counterpart.

“The opinion is that this ruble will not differ in any way from the fiat ruble, except that it will exist on the Blockchain,” he said.

Since Aksakov took office, he has tried to get a government-backed legal definition for cryptocurrency. This also applies to various terms in the Blockchain industry such as ICOs this tokens.

A number of laws that Duma has gotten behind have been stalled at the Central bank level which brings up the question about whether the Russian government is united in its crypto efforts or not.

The key to finally getting a cryptoruble, he says, is increased use of blockchain itself by the government. If that can be achieved, a way will be paved for the cryptoruble.

“The more widely Blockchain is used in our financial operations – and not just financial but economic ones as well – the more likely it is the Cryptoruble will appear,” he said.

This statement goes to show the importance of blockchain being used for more than just bitcoin.

Many governments are making use of blockchain for things like public land registration, taxes and so on. This can be used a means to facilitate a national cryptocurrency creation.

There are a number of governments, such as China, however, that is actively making use of blockchain but won’t get involved in cryptocurrency, going as far as to ban it.

There has been some talk about Russia’s relationship with the blockchain industry for some time now.

Some see it as the country trying to invest in new and innovative technology while others are skeptical. Some think it is simply a way to surpass US sanctions or carry out shady activities.

Regardless, it is important that a country create a nation cryptocurrency for the right reasons. An example can be seen with Venezuela who created the Petro currency to try and correct their hyperinflation and thus far, that has not worked.

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