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RUSSIA HOPES TO LAUNCH IT’S OWN CRYPTOCURRENCY

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The central bank of Russia will launch their own, national digital currency!

The deputy chief of the Bank of Russia, Olga Skorobogatova, announced the news today at the St. Petersburg International Economic Forum.

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She talked about national cryptocurrencies being “the future”, and that Russia wants to cooperate with EU countries to explore blockchain technologies.

This is quite a significant turn of events, since Russia used to be against the use of digital currencies.

Just one year ago, the russian government even said that the use of cryptocurrency could put someone in jail! (And actually, treating bitcoin as a parallel currency is still illegal there).

Now, they’re starting to not only encourage the use and growth, but are even planning to make their own digital currency, which will be ” the ONLY cryptocurrency freely buyable and tradeable in russia.”

Russia has been continuously talking about the prospect of creating its own cryptocurrency, and it also looks like that the country might turn those words into action. According to Local news outlets states that the Communications Minister Nikolay Nikiforov has confirmed plans to launch a state-controlled digital currency. . This would theoretically and economically let Russia boost its internet economy without tying the fate of its currency to other countries or third-party brokers.

According to sources there’s no mention of a time frame for launching this money, but Nikiforov apparently believes Russia can’t afford to wait because as China has been cracking down on cryptocurrency in part because it saw speculators selling off the yuan in favor of bitcoins — Russia probably doesn’t want to see that happen on its own soil. Officials have already called for tight regulations on existing virtual cash.

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There are concerns that Russia would be effectively profiting from fraudsters with the 13 percent tax: There would be nothing to stop criminals from simply relying on a different currency instead. Rather, this would repeat a familiar strategy of keeping technology on a tight leash so that it can’t be used to undermine authority.

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