The launch of the state-controlled cryptocurrency crypto-ruble has now been announced for mid-next year. An attempt to bring the crypto trade in controlled areas.
As can be seen from a statement by the Russian Cryptocurrency and Blockchain Association, the crypto-ruble is expected to come next year. However, the proposed means of payment is not a separate cryptocurrency. Rather, the crypto-ruble should be a digital copy of the analogue ruble.
The authorities are hoping for some benefits from this digitization of the currency. By attaching to the ruble, the authorities want to prevent first, that the cryptocurrency is subject to speculation. In addition, the authorities want to record all transactions in a closed network. To this end, the authorities can trace back any payment transactions with the "cryptocurrency". Chairman of the Russian Crypto and Blockchain Association Arseniy Shcheltsin said in the publication that the launch of the cryptocurrency is intended above all to improve the efficiency of payment transactions within public institutions.
Another advantage the government hopes foreign investors can invest in Russian projects without much effort. As a result, they also want to remain connected to the field of digital currencies with a possible exchange of cryptocurrencies in the crypto-ruble.
The relevant draft laws are expected to come in November of this year. Both the Central Bank, the Ministry of Communications and the Board of Directors around Putin must agree by then.
Crypto-ruble: attempt to re-centralize
The current events in Russia, much as in South Korea, show a disagreement in government circles, especially in terms of cryptocurrencies and their regulation. While public figures in Russia condemned Bitcoin & Co., the legalization of crypto-commerce was recently debated. But this is only limited - after all, trade should only take place on centrally controlled platforms. What is being attempted here is ultimately a re-centralization of decentralized processes. It remains to be seen whether the central institutions will prevail with their attempts to regulate.
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shutterstock_746607754: Stack or piles of Crypto ruble cryptocurrency isolated on white background. Concept coin. 3D rendering via shutterstock