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Russian State Duma MP Speaks Of Possible Crypto Ruble Creation

18:44 07/11/2018

Anatoly Aksakov, head of the Russian State Duma Committee on Financial Markets, announced prospects for the possible launch of the cryptocurrency ruble after the adoption of relevant bills and the consent of the central bank of the country, RIA Novosti reports.

According to him, crypto ruble will be analogous to fiat national currency in digital form. Specialized info platform will allow changing fiat to cryptocurrency in the 1:1 ratio. Anyone can deposit their rubles in the bank, which will be converted to crypto rubles and will be used to purchase goods on blockchain, the parliamentarian explained.

For this purpose, it is necessary for blockchain to take an important place in the economic life of the country. Aksakov believes that the central bank should regulate the whole process, but for now, the financial regulator is cautious.

The Bank of Russia has repeatedly made statements that it is unacceptable to exchange cryptocurrencies to any assets since it will immediately open the way to financial frauds.

The deputy stated that the State Duma intends to adopt bills on cryptocurrency and crowdfunding until the end of 2018, but nothing is mentioned about crypto ruble so far, and the idea itself is his personal “fantasy”. There is no demand for the cryptocurrency ruble, and this matter should be addressed in the future. First, it is necessary to develop documents regarding the ICO conduction, a mechanism to protect the rights of investors, and rules for the work of information system operators.

As previously reported, Russia will begin to regulate the cryptocurrency system.

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