WOW! A new use for cryptocurrencies. No, not criminal activities (that's so last year) but rather circumventing sanctions. With Russia developing a "CryptoRuble" (or, a digital ruble) it may bring new ways to get around those pesky UN sanctions. Possible? Well, if so, look for Venezuela, North Korea and other "bad boys" of the globe to follow.
(Bill Taylor/CEO)
"At a recent government meeting, Sergei Glazyev, economic adviser to President Putin, said the ‘CryptoRuble’ could help alleviate the pressure of Western sanctions, The Financial Times reported Monday. However, there is still no unified official stance from the Russian government on the question of issuing a national digital currency.
The Russian CryptoRuble is essentially a digital ruble -- a government-issued digital currency accepted as legal tender.
According to FT, Glazyev stated that a government-controlled cryptocurrency like the CryptoRuble would help Russia disregard Western sanctions:
“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.”
A divided front
Glazyev’s positive stance on the CryptoRuble is the latest position in the ongoing back and forth on the topic within the Russian government.
According to Russian news agency TASS, during a Dec. 28 meeting on legislation for digital currencies in Russia, government officials spoke negatively about the CryptoRuble.
Both the Deputy Minister of Finance Alexey Moiseev and first Deputy Governor of Russia's Central Bank, Olga Skorobogatova, stated that they did not see a need for issuing a national digital currency..."
Full Story at Cointelegraph