According to Arseni Scheltsin, the director of Russia’s Cryptocurrency and Blockchain Association, the proposals on creating and regulating a national cryptocurrency will be officially presented in July 2018, while a full-fledge launch would take a year after that.
The development of regulatory documents for “crypto ruble” is carried out by the country’s Central Bank, the Ministry of Communications, the Ministry of Economic Development, the Ministry of Finance, and the Presidential Administration.
“The required documents will be developed and presented this fall. They will be harmonized by the end of the year, and the launch itself will happen in mid-2019,” Mr. Scheltsin said.
He added that “crypto ruble” is developed as a digital counterpart of Russia’s national currency, while the security of its transactions will be ensured with a private blockchain, and the coin itself will not be mineable.
“Crypto ruble won’t be as popular as Bitcoin or Ethereum as it won’t be mineable. Its exchange rate against ruble will remain steady, and there won’t be any sense in mining. It can’t be a trader’s toy. Checking cryptoruble will be possible via nodes,” Mr. Scheltsin stated.
Russia’s Cryptocurrency and Blockchain Association believes that this kind of national digital currency will help attract foreign cryptocurrency investment. Moreover, it is supposed be the only legal way to exchange virtual money for rubles since other cryptocurrency exchanges will be outlawed. Cryptoruble will also be used in public procurement.
“Every public spending will be recorded in blockchain, and the full path between the sender and the receiver will be traceable. This will enhance the efficiency of public spending,” Mr. Scheltsin added.
In the early days of 2018, one of Russia’s president Vladimir Putin’s counselors has stated that “crypto ruble” will limit the impact of international sanctions on Russia’s economy.
Earlier, Russian sources reported that following the presentation of a drafted bill to place regulations on the usage of cryptocurrency, a list of approved cryptocurrency trading platforms is being developed by the Russian Ministry of Finance.