Crypto-Ruble Helps Russia Deal with Sanctions

The Russian national cryptocurrency, a development that is conducted on behalf of the Head of State, in the long term can reduce the negative effect of international sanctions on the Russian economy. After V. Putin has met with V. Buterin (the Developer of the Ethereum network) in 2017, the government was tasked with developing a legal framework for regulating the market of cryptocurrencies. The issue of creating a crypto-ruble was also raised. The government believes that the national cryptocurrency can be used to develop schemes to circumvent Western sanctions.

Sergey Glazyev, Economic Advisor, during the government meeting emphasized that the national currency can be used for settlements with partners around the world, regardless of economic sanctions and restrictions. The process of developing the crypto-ruble is just beginning. And while it is difficult to say exactly how it will help to circumvent international sanctions, and why it is impossible to use other cryptocurrencies for this. However, the idea itself is interesting, and probably worthy of implementation.

Nikolay Nikiforov, the Head of the Ministry of Communications, previously stated that the Russian national cryptocurrency will be issued by the state, and it can not be extracted by mining.

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