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Is the CryptoRuble Set for Launch After All?

RACIB statement suggests CryptoRuble due for 2019

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Back in October, the Russian government announced that it would launch its own cryptocurrency, dubbed the CryptoRuble. The idea was that the currency would be mined and maintained by the government, and that citizens would be restricted to its usage over Bitcoin or other currencies, as a way of effectively centralizing a decentralized world.

But then it all went a bit quiet on the CryptoRuble front. Meanwhile, the ministry released a proposal to legalize crypto-trading only a few days ago. This came as a surprise to many, after Vladimir Putin called for a blanket ban back in November, a position that was reiterated by the Ministry of Finance in December.

A Tale of U-Turns

Now, the Russian Association of Cryptocurrency and Blockchain (RACIB) has made an announcement that the CryptoRuble is back, and will be launched in 2019. Early indications are that mining and an ICO will be scheduled for some time from July this year onwards, with the coin making its debut next year.

It is hardly a surprise that Russia are pressing ahead with the idea. The nature of decentralized currency is the perfect way to skirt around international sanctions. Indeed, other countries in the same boat have considered doing the same. Venezuela announced their own oil-backed coin last year, although they are at an impasse as their version of Congress has declared the move by President Maduro to be illegal. Senegal and Iran have also looked into the possibility of state cryptocurrencies.

However, there have already been a number of twists and turns in the relatively short journey that the CryptoRuble has taken. It wouldn’t come as a surprise if this latest stance alters before any concrete ICO surfaces. Be sure though, that you will hear about the latest developments first, right here on Bitrazzi.com!

Image Credit: Deposit Photos

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