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Cryptoruble Halted by Russian Central Bank

Sergey Shvetsov, deputy governor of the Bank of Russia, stated “The appearance of a cryptoruble in the foreseeable future is unlikely,” Russian government owned news agency TASS reported.

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“I’m of the opinion that as long as the demand for cryptocurrencies is linked to a large extent with the bypass of regulations, it is clear that the regulator cannot afford to issue a cryptoruble, which will allow to bypass regulations,” Shevetsov said at the Gaidar Forum this week.

The Russian central bank deputy chairman, Olga Skorobogatova, confirmed Shevetsov’s comments, stating she didn’t see a need for a cryptoruble.

Deputy Finance Minister, Alexei Moiseev, spoke to reporters during the Gaidar Forum and said he “supports the idea of using a cryptoruble in cross-border settlements.”

“The issue on which to focus now is the use of electronic money, a cryptoruble, in cross-border settlements. Settlements with our leading trading partners, at least the countries of the former USSR, could be made not in a foreign currency but in electronic rubles,” said Moiseev.

Conversely, Moiseev later admitted to not understanding what a cryptoruble is.

“To be honest, I do not even understand what a cryptoruble is…I understand what an electronic ruble is,” Moiseev stated.

The Russian Association of Blockchain and Cryptocurrency (RACIB) estimated that a cryptoruble will not be available in the nation until at least the middle of 2019.

“If the proposal on the cryptoruble will be put forward in July as part of the president’s instruction, the normative documents will be drafted and introduced in the fall, the director of the association proclaimed.

“They should be agreed at the end of the year, and the launch of the currency will take place in the middle of 2019.”

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