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Russia May Launch Own Cryptocurrency

27.05.2016 13:53 / Kommersant

Russia plans to introduce a national cryptocurrency.Its issue will be regulated, issuers licensed, standard exchange rules will apply, and payment anonymity will be kept to a minimum. This will mitigate the risks of cryptocurrency used in shadow schemes, protect consumer rights, and is likely to cut transaction costs, at the same time, however, blocking access to state-of-the-art international technologies.

Rosmonitoring is currently in consultation with all insterested parties. No law has been drafted yet, cryptocurrency is being debated with banks, the Ministry of FInance and the Central Bank, said Rosfinmonitoring Deputy Director Pavel Livadny. On the current agenda: Russia's regulated cryptocurrency should be issued, not generated digitally by an algorythm like bitcoin, with no one taking responsibility. The issuer, authorised banks, shall have rights and liabilities. Rosfinmonitoring expects issuance to be licensed. Special online websites will handle the exchange of roubles or other currency for cryptocurrency, which will be regulated. The buyer will be ID'd to minimize anonymous transfers.

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