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Will The Cryptoruble Become A Legal Currency In Russia?

Russian Parliament received a bill to make future Russia’s cryptocurrency a legal payments method in Russia.

The bill regarding Cryptoruble regulation comes as a consequence of the bill published by the Russian ministry of finances which regards on regulating cryptocurrencies and ICOs in Russia.

Cryptoruble as a legal payment method

On January 25th, the bill asking for the regulating the Cryptoruble has been posted into the electronic database of the Russian Lower House Of Parliament. The bill vises the introduction of an amendment to the Russian Federation’s Civil Code’s Article 140 to add the Cryptoruble as a legal method of payment.

The Cryptoruble will be a digital asset analog to the ruble and which will circulate on the territory of the Russian Federation. The Cryptoruble will be used in digital transactions.

When will the Cryptoruble be launched?

The Russian president, Vladimir Putin, has ordered the creation of the Cryptoruble since the fall of 2017. Accordingly, the Ministry Of Communications And Mass Media, led by minister Nikolay Nikiforov, quickly came up with basics of the Cryptoruble.

Vladimir Putin seems to be the only one interested in officially aligning Russia to the new trends represented by blockchain technologies, as the minister of finances, Alexei Moiseev, stated that he doesn’t even know what Cryptoruble is, and the governor of Russia’s Central Bank, Olga Skorobogatova, said that the official Russian cryptocurrency, the Cryptoruble, ‘is not advisable from the macroeconomic point of view’.

However, Olga Skorobogatova admitted that Russia’s Central Bank, along with BRICS and Eurasian Economic Union (EAEC), already started to work on ‘supranational digital currency’.

The Bank of Russia deputy governor made it clearer, as he stated last week that ‘the appearance of Cryptoruble in the foreseeable future is unlikely’.

Recently, Putin has underlined, again, the importance of the creation of an official Russian cryptocurrency. We shall wait and see if the Cryptoruble will emerge on the crypto market this year, or not.

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Will The Cryptoruble Become A Legal Currency In Russia?


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