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Russia's plans to introduce a "CryptoRuble" to rival Bitcoin are in full swing, according to reports.
It is understood that Vladimir Putin himself ordered teams of experts to create a cryptocurrency that will allow the Russian leader to circumvent international sanctions and keep many of his country's huge intercontinental transactions under control.
Last week it was suggested that the Russian Central Bank had a long-term plan to trigger millions of Bitcoins as an alternative to gold for its national reserve.
But now, according to an article by Coin Rivet for the Daily Express, it seems that Moscow's financial superpowers are trying to track down their cryptocurrency in the traditional Russian economy within three years.
Massive reserve
The plot of the Kremlin to create a massive accumulated bitcoin reserve was confirmed, denied and clarified by the head of Putin's crypt – Elina Sidorenko – who admitted that the idea was on the table, but it would be "many years into the future" before it became a reality.
He rejected the rumor that groups of specialists had already been formed with direct orders from Putin to buy as many Bitcoins as possible to enter a digital treasure to circumvent current or future sanctions imposed by the United States and other countries.
"The Russian Federation, like any other country in the world, simply is not ready today to somehow combine its traditional financial system with cryptocurrencies," he said.
"And to say that, in Russia, this idea can be implemented in the next 30 years is unlikely to be possible."
Legal framework
Perhaps the main obstacle is that Russia has yet to create the legal mechanism to allow the circulation of cryptocurrencies. Any implementation of a legal framework would open doors very quickly. Ministers in the Kremlin responsible for providing a legal mechanism will ask how they can benefit from setting up a structure by launching their own currency.
Therefore, it seems highly probable that rumors claiming that the Central Bank of Russia wanted to collect and put aside as many Bitcoins as possible was, perhaps, a diversion from Moscow's real intentions.
Instead, it now appears that plans to start a CryptoRuble are up and running.
Since December, Russia has lost billions of US dollars in reserves from its reserves and started moving its vast monetary reserves into euros and yuan. And while that policy has raised eyebrows throughout the fiscal world, some experts believe that paves the way for what could become a financial revolution.
The Russian observers are now devoting 2022 to the year when the CryptoRuble could become a reality.
