Vladimir Putin wants to use the Cryptoruble to escape sanctions

Russian president Vladimir Putin ordered work to create a crypto-currency as a tool to circumvent the international sanctions. His economic advisor has explained that no exploitation is possible for the Cryptoruble. During this time, the central bank and the ministry of Finance of the country have expressed their skepticism about this new digital currency.

Source : Kremlin Vladimir Putin

The Cryptoruble to help to circumvent the international sanctions

Putin would explore the ways to create a virtual currency that could help the country to bypass the international sanctions. The Financial Times has reported that the Moscow authorities have declared that the Russian president had asked for the completion of work to establish a crypto-currency. Sergey Glazyev, economic adviser to Putin, said at a recent government meeting that the Cryptoruble would be a useful tool to circumvent the sanctions of the western countries. He explained that this solution is very suitable for a sensitive activity.

This announcement is detailed in the video below :

He added that this new crypto-currency would be an alternative to the ruble, but that its issuance would be limited. This would allow the Kremlin to follow his every movements.

A project of the government

In October 2017, Mr Putin has ordered the creation of the crypto-the national currency of Russia, known under the name of Cryptoruble. The minister of Communications and mass Media, Nikolai Nikiforov, then presented the first proposal for an act respecting the implementation of this digital currency a week later. In November, the vice-minister of Finance, Alexei Moiseev, has suggested that the Cryptoruble may be not a crypto-currency, suggesting that its name should change Cryptoruble in Cyber-ruble.

Last month, Glazyev has independently proposed his version of the Cryptoruble and suggested the preparation of a regulatory. While the latter is a supporter of the creation of the Cryptoruble, the ministry of Finance and the Bank of Russia are rather sceptical.

Source : NewsBitcoin