Russian state cryptocoin concept resurfaces after Udmurtia leader’s proposal

Reports from the Russian Federation suggest that this country in fact has not put the development of the state-issued cryptocurrency on hold. Such suspicions could have easily emerged in the minds of market analysts, as since the initial announcement, no progress reports related to the national cryptocurrency, or “cryptoruble”, as some Russians call it, appeared in the media.

However, in his recent meeting with the First Deputy PM, Alexander Brechalov, who heads the Republic of Udmurtia, reportedly tried to persuade Igor Shuvalov that his region is perfectly capable of becoming the testing ground for the upcoming national cryptocurrency. Udmurtia has more that 7000 IT specialists and more than 700 IT companies, Mr. Brechalov reminded.

Previously, the same region representatives, no doubt on the consent of Brechalov, met with Chinese to discuss the joint building of a huge mining center. As we have to remind here, China has higher power costs than Russia, which makes mining in the latter country more beneficial. This and the power surplus advantage.