Russia is planning its own crypto-currency

A Russian company is planning the following year its own virtual currency to bring to market. The Russian payment service QIWI have already “several hundred million rubles” invested in the development of virtual currency, like CoinTelegraph reported. The currency to be called “BitRubel” and based on the block chain technology of Bitcoin. However, whether the new Crypto currency can go on time at the start, hangs statements of QIWI-chief Sergei Solonin primarily on the consent of the Russian authorities.

“This project will be discussed with the Bank of Russia again in the coming days. We will send the authorities a letter in which we explained the project, “said CEO Sergei QIWI Solonin to the Russian Kommersant newspaper.

In Russia, only the central bank has the right to create money and without their consent, there will be no Russian crypto currency. Central Bank chief Elvira Nabiullina had repeatedly executed noted that “digital currencies can be used in order to carry out suspicious transactions.” However, it held out the prospect that the central bank consider the issue carefully and will adjust as required.

Until now had digital currencies in Russia in a difficult position. In January, the authorities detained numerous sites that were in the trade of Bitcoin in conjunction, as CoinTelegraph reported. They also prohibited the dissemination of information on crypto-currencies. But a court in Yekaterinburg lifted the lockout on again after the website operator had appealed against the decision.

The Russian authorities are virtual currencies previously skeptical. They fear that they could be used for money laundering or terrorist financing. The “BitRubel” is so, it is because a successful start, can not be traded anonymously as BitCoin. Instead, the developers are already working on a system that identifying the user should make possible. Thus, the currency to be brought into line with applicable anti-money laundering and trade laws.

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