Russian deputy FinMin buries cryptoruble

According to the latest reports by the Russian news agencies, during the meeting with the public counsil under the Russian Ministry of Finance, the Deputy Minister stated that cryptoruble, or supposed state-issued cryptocurrency is not a feasible idea.

“It’s not feasible to create cryptorubles or something like this in Russia. To be honest, I don’t even understand what cryptoruble is about. If you state that we’re rejecting the constitutional principle about the Central Bank being the [ruble] issuer, of course, we can create a cryptoruble”, stated Moiseev, and in doing so he buried the project of cryptoruble, which, according to some messages, supposedly was being developed by the government. Furthermore, the Deputy Finance Minister honestly admitted that they wouldn’t have been able to ensure 100% transaction safety anyway.

These statements are amidst the arrival of the recent draft bill by the FinMin, according to which the trading of cryptocurrency will be available for qualified investors only. But Moiseev made clear that the digital currency trading legalization issue is still being discussed and there is not final decision yet:

“Of course, we should think about that… There is already a concept, I can even voice it right now. It is made in such a way that if we do it, then we do it through pointing out that cryptocurrency buys and sells must be conducted only through organizations which have any licence for trades. These can be any mercantile exchanges and common exchanges,” the high-ranking official explained.