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Reportedly, the experts in finance and digital technology in Moscow have been commanded by Vladimir Putin to deliver a so-called CryptoRuble within "two or three years". Anatoly Aksakov, president of the commission on the financial markets at the Russian state parliament Duma, spoke about the possibility of a digital version of the ruble. Speaking with the local newspaper RIA Novosti, he said: "The opinion is that this ruble will not differ in any way from the fiat ruble, except that it will exist on the Blockchain." He added: "The more widely Blockchain is used in our financial operations – and not just financial but also economic – the more likely it will be the Cryptoruble."
Only last week was it suggested that the Russian Central Bank had a long-term plan to buy millions of bitcoins as an alternative to gold for its national reserve.
But now it seems that Moscow's financial superpowers are trying to track down their cryptocurrency in the traditional Russian economy.
The plans of the Kremlin on the creation of a massive accumulated bitcoin reserve were confirmed and clarified by the head of Putin's crypt – Elina Sidorenko – who admitted that the idea was on the table, but would be "many years into the future" before that became a reality.
He rejected the rumor that digital teams had already been formed with President Putin's direct orders to restart as many bitcoins as possible to pump into a mega-treasure to circumvent current or future sanctions imposed by the United States and other countries.
Ms. Sidorenko said: "The Russian Federation, like any other country in the world, simply is not ready today to combine in some way its traditional financial system with cryptocurrencies.
"And to say that, in Russia, this idea can be implemented in the next 30 years is unlikely to be possible."
The main obstacle is that Russia does not yet have the legal mechanism to allow the circulation of cryptocurrencies.
Any implementation of a legal framework for cryptography would open doors very quickly.
The question that many ministers of the Kremlin would ask is: "Why establish a legal mechanism and then invite bitcoins, when could we simply benefit from the establishment of ours?"
Therefore, what is likely, is that the rumors that spread quickly stating 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 would seem that the plans to launch a CryptoRuble are going full steam.
Only recently, Russia has lost billions of dollars in reserves from its reserves and has started moving its vast monetary reserves into euros and yuan.
It is a policy that has raised eyebrows all over the financial world, but several experts argue that this paves the way for a kind of fiscal revolution.
Insiders are now aiming for the windmill of the rumors towards a strengthening breeze that brings gossip that the creation of a digital currency for Russia could be a reality by 2022.
Coin Rivet is a website that offers news, information, analysis, opinions and insights from the rapidly changing world of blockchain.
