Is CryptoRuble Back?

The Russian Blockchain and Cryptocurrency Association (RACIB) has launched the cryptocurrency called CryptoRuble, which has been in the government’s mind for a long time, 2019.

The Russian government has been undecided since 2015 whether to issue CryptoRuble (formerly BitRuble). In December 2017, during a meeting to introduce cryptocurrencies, the deputy finance minister and the acting governor of the central bank suggested that they do not think it is necessary for the government to issue its own cryptocurrency.

Arseniy Sheltsin, head of RACIB, details about CryptoRuble will be officially announced and discussed in July 2018, and the coin itself will be released a year later.. The government and the Russian Central Bank are expected to regulate ICOs and cryptocurrency mining by July 2018.

In early 2018, one of Putin’s advisers said that CryptoRuble would affect the Russian government’s economy, imposing international sanctions against the country.

According to Russian crypto news outlet Forklog, the coin is designed in rubles, cannot be mined, and will be the only legal cryptocurrency in the country.. The government hopes that CryptoRuble will attract foreign cryptocurrency investors.

As a result, top leaders of the Russian government have a negative view of cryptocurrencies.. At a press conference on January 12, Putin said:

“We know that there is nothing behind cryptocurrencies, and it is not an asset of value, has no monetary value, and has a solid backing…”

Russian prime minister Dmitry Medvedev also recently criticized cryptocurrencies at Gaidar’s Forum in Moscow. He compared this cryptocurrency trend to the dotcom bubble, and said that many cryptocurrencies are short-lived and blockchain technology will continue forever: We can’t ignore it, and most of those companies disappeared in the 2000s.. Still, technology itself has not only struggled with it, but now has an important place in our lives.. Cryptocurrencies will likely lose their importance in a few years, but the technology underlying it, namely the blockchain, will become a part of our daily life.. This scenario is undeniable.”

In response to the Russian government’s criticism of cryptocurrencies, Herman Gref, CEO and chairman of Russia’s largest bank Sberbank responded by telling authorities not to ban cryptocurrencies. Gref described both cryptocurrencies and blockchain technology as “major new technologies whose power is currently underappreciated.”. At the same time, he said that he does not find it appropriate to ban cryptocurrencies under any circumstances.

A few more countries such as Venezuela and Senegal have announced that they have plans to issue their own cryptocurrencies.

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