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Wed Jan 3, 2018, 11:42 AM

Putin Orders Work on CryptoRuble to Escape Western Sanctions


Three-term Russian president Vladimir Putin has ordered Moscow officials to work on creating Russia’s own national cryptocurrency dubbed the ‘cryptoruble’ as a means to evade sanctions.

At a recent government meeting, Sergei Glazev, Putin’s economic advisor, told other officials that a cryptoruble could serve as a ‘useful tool’ to circumvent crippling international sanctions.

In quotes reported by the Financial Times, Glavez said:

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.

The FT report also cites Moscow officials stating that President Putin commissioned work on developing and establishing a cryptocurrency. The cryptocurrency would, in essence, be the digitized equivalent of the fiat ruble “but its circulation would be restricted in a certain way,” Glavez added. The official stopped short of revealing further details but did confirm that the Kremlin would have complete oversight of the cryptocurrency.

CCN reported a closed-door meeting between Putin and Moscow’s political elite in mid-October wherein Russian communications minister Nikolai Nikiforov first revealed Putin’s mandate to create a national cryptocurrency. The cryptoruble will be developed and issued “quickly”, Nikiforov said.

“I so confidently declare that we will launch the cryptoruble for one simple reason: if we do not, our neighbors in the Eurasian Economic Community will do it in 2 months,” the minister added at the time.

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