Russia to Launch Its First Blockchain.

Yuvi
Yuvi
3 Min Read

According to rumours, Russia could issue the first digital financial assets based on blockchain by the end of this year.

SUMMARY:

  • Russia is working on new protocols developed on blockchain
  • New platforms and digital assets

Russia will issue its official cryptocurrency, the CryptoRuble, crowning months of speculation about the country’s approach to the technology. While in a way it indicates an embrace of the likes of Bitcoin and Ethereum, CryptoRuble is unlikely to share the truly decentralized nature of other coins.

Russia to Launch Its First Blockchain
Russia

The news, first reported by CoinTelegraph, cites local news reports, which in turn cite Nikolay Nikiforov:

“the Russian government’s minister of communications. I’ve contacted the Russian government for confirmation and details and will update this story if I hear back.”

Details are scarce, but according to the reports, the CryptoRuble cannot be mined. It will be issued and tracked by the government like ordinary currency. That does away with one of the primary draws of cryptocurrencies. Many would say that the entire point of something like Bitcoin is to free commerce from the fetters of government-run fiat currencies.

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“As far as the first digital assets are concerned, which should be issued in the country by the end of the year,” Aksakov explained how this step could help the country out of a difficult economic situation, worsened by the depreciation of the rouble.

Indeed, he explained that:

“This is, to a certain extent, an alternative to those financial settlements that today exist on the basis of the dollar or the euro or other currencies”.

Russia to Launch Its First Blockchain

Furthermore, the Russian deputy also wanted to reiterate that the government supports the legalization of the market for digital assets. Through strict regulation, and has prepared a new bill to achieve this goal. On the other hand, Prime Minister Vladimir Putin himself recently declared that cryptocurrencies would have a right to exist and that they will certainly have a future.

However, there is still an opposing view on the free circulation of cryptocurrencies in the country from the Central Bank. This significantly accelerates the project of a new digital rouble expected in 2023.

READ ALSO: Shiba Inu Developers Plans to Launch Stable Coin, Reward Token and Collective Card Game.

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Co-founder of Xryptonation.com, Senior Author, Editor, Blockchain Expert.
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