Vladimir Putin has currently been in power for a while, another victory in the elections would make it to where he will have served as the President of the country for more than 20 years through the next most likely term.
The President recently commented while meeting with the members of the country’s factory labor force.
“I will put forward my candidacy for the post of president of the Russian Federation, Russia will continue moving forwards, and nobody will ever be able to stop this forward movement.”
Putin has to take a look at a couple of to-do’s on his agenda to truly make an impact and keep up with the developments of the world. For Putin to tackle issues and promise forward movement, he needs to address sanctions, and one of the ways he’s looking at circumventing them is through the cryptoruble.
Prominent members of the President’s cabinet like Sergei Glazev have expressed the utility of the digital ruble in many regards.
He’s stated in the past:
“This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions.”
It seems as though he will be listening to his advisers who have privately and publicly talked about what the innovation of cryptocurrencies can do for the country and help them to escape the sanctions.
He has just given the green light and ordered the appropriate parties in Moscow to commence work on their Russian national cryptocurrency to improve different political-economic conditions.
Details on the National Russian Cryptocurrency
It will be a centralized cryptocurrency, controlled by the Kremlin and would share many characteristics with their current physical Rubles but there would be differences in how the coin is distributed, there would be more restrictions in specific ways. Russian officials have not commented further on what the restrictions would be and have not stated anything about the underlying technology that would be used and how it would be used.
It seems that currently, people will not be able to mine the cryptoruble.
There are various reasons for the country to push through with this currency, their neighbors like Estonia, Ukraine, and others are pushing forward rapidly in their deployment of regulations regarding cryptocurrencies. Some of their neighbors are already deploying their own coins, and others are setting themselves up to be a haven for blockchain based companies and projects, making their laws and tax rules favorable to attract as many as these companies as they can.
The Russian nation is taking actions in regulations as Bitguru has reported earlier on the recent deployment of the regulation of ICO’s.