The Chairman of the Market Committee of the State Duma of Russia, Anatoly Aksakov, said that the entity is evaluating the issuance of a token linked to the Russian ruble, backed by the state.

Local media released this information days ago, informing that the official declared from a press conference, that the token will be backed by the Russian Central Bank and that it will be anchored to the official national currency, the ruble.

In this way, Aksakov said that for the token to be backed, the Central Bank must make a bank deposit of a certain amount of money, and then authorize a bank not yet identified for the issuance of this token, using the technology of cryptoactive. He pointed out that the currency will have a 1:1 parity with the ruble.

Through this statement by Aksakov, the Russian government seems to resume its plan which had been speaking at the end of 2017, when the current Russian President, Vladimir Putin, mentioned the option of creating a crypto-active state to boost and improve the economy of the nation, in addition to having free marketing worldwide.

On that date, the Russian Telecommunications Minister, Nikolai Nikiforov, announced that the president had approved the creation of the cryptoruble.

This information was confirmed in January of this year, by Sergei Gláziev, Adviser to the Russian President, who classified the project as a strategy to avoid international sanctions imposed by the European Union and the United States. For that moment, the reports indicated that the Russian virtual currency will be encrypted by algorithms developed in the Eurasian country and that it could be created from Ethereum. It is also indicated that it will not be possible to generate new cryptorubles through conventional/traditional mining.

It is important to note that Russia is not the only country whose government seeks to implement this technology to the issuance of official digital currency backed by the State because Iran and Venezuela also have similar projects.

In this sense, the Iranian Government confirmed on July 26th, its approach to the launch of its own cryptocurrency, possibly anchored to oil. In this regard, Alireza Daliti, delegate of the Directorate of Management and Investment Affairs of Iran said that the intention is to facilitate the transfer of money from anywhere in the world. Although the details have not yet been exposed, it was recently revealed that it could be based on the Hyperledger Fabric private platform.

On the other hand, at the end of 2017, the President of Venezuela, Nicolás Maduro, reported the launch of a cryptoactive backed by Venezuelan oil, known as “El Petro”. This project was conceived as a “solution” to the economic problems afflicting the country.

 Russia Works in a Legal Framework

This announcement, about the launch of a token backed by the State, is made in the context of a work that the Russian Government is carrying out to regulate transactions in bitcoin and other digital currencies made within the national territory.

The Bill on Digital Financial Assets was presented for the first time in January, by the Russian Ministry of Finance, which was approved by the State Duma in the first of three hearings, in May of this year. It is currently waiting for a new revision.

By  Samuel Paz



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