CryptoRuble: The two Sides of the Coin
President Vladimir Putin vs Economic Adviser Sergey Glazyev
An increasing number of countries are now hopping on to the cryptocurrency bandwagon. While developed markets such as Japan, Korea, and the US stand at the forefront of global cryptocurrency trade, certain developing markets such as Ecuador, Tunisia, and Senegal are already transacting in their own digital currencies. Then there are others such as Dubai (emCash), Estonia (Estcoins), Venezuela, and Russia, which are currently in the process of creating their own digital (crypto or non-crypto) currencies. Among these, Russia’s position on actually launching its own cryptocurrency, dubbed the CryptoRuble, is a matter of hot debate.
Putin Finds a way to Evade Western Sanctions
While the Russian President Vladimir Putin has proposed the launch of a cryptocurrency for Russia on a number of occasions, the country’s central bank is sceptical. Putin, who had commissioned work on establishing it in October 2017, sees the creation of the CryptoRuble as a way to avoid the sanctions imposed by the West, according to media reports. His economic adviser Sergey Glazyev also sees the cryptoruble as a “useful tool to get around international sanctions.”
Iterations of the above proposal include:
- The Deputy Finance Minister, Alexei Moiseev’s view, that the proposed cryptoruble may not be an actual cryptocurrency, suggesting that its name should change from the cryptoruble to the cyber-ruble.
- Then there’s Glazyev’s view that mining is not a possibility.
You can take a look at these opposing views in the table above, and make up your own mind.
Image Credit: Deposit Photos
What do you think about this international trend of creating national cryptocurrencies? Will the crypto-ruble appear? Let us know in the comments.