[2018-01-18] Is CryptoRuble Back? Launch Set For Mid-2019, Says Russian Blockcha

[cybersofts]

Is CryptoRuble Back? Launch Set For Mid-2019, Says Russian Blockchain Association



The Russian Association of Cryptocurrency and Blockchain (RACIB) has announced that the government’s long-discussed idea for a state-issued cryptocurrency, referred to as the CryptoRuble, will be launched in the middle of 2019.

The Russian government has been going back and forth on launching the CryptoRuble (known earlier as the Bitruble) since 2015. As recently as late December 2017 during a meeting on legislation for digital currencies, the Deputy Minister of Finance and the first Deputy Governor of Russia's Central Bank both stated that they did not think it was necessary for the state to issue its own cryptocurrency.

According to Arseniy Sheltsin, the head of RACIB, details of the CryptoRuble project will be officially presented and discussed in July 2018, and the coin itself should be issued a year later. The Government and the Central Bank of Russia are also expected to prepare regulatory measures for Initial Cryptocurrency Offerings (ICOs) and cryptocurrency mining by July 2018.

Early in 2018, one of President Putin’s counselors noted that the CryptoRuble could help the Russian government strengthen the economy by avoiding the impact of international sanctions against the country.

According to Russian crypto journal Forklog, the coin is set to be pegged to the ruble, non-mineable, and will be the only legal cryptocurrency in the country. The government hopes the CryptoRuble will attract foreign cryptocurrency investments.

Overall, the highest leaders in the Russian government have held mixed to negative opinions towards cryptocurrencies. At a state press conference on January 12, Putin stated:

    “It is known that there is nothing behind the cryptocurrency, and it cannot be a store of value, it doesn’t have any material value, and it’s not backed by anything...”

Russia’s Prime Minister, Dmitry Medvedev, also recently criticized cryptocurrencies at the Gaidar’s Forum in Moscow. He compared the virtual currency trend with the dotcom bubble and suggested that most cryptocurrencies are likely to cease to exist, while Blockchain technology will remain, declaring:

    “We can not completely exclude the scenario that took place at the beginning of the 90s when many companies arose on the basis of the developing Internet technology and in the beginning of the 2000s those companies mostly disappeared from the scene.  Nonetheless, the technology itself not only survived but currently plays an important role in our life. In a likely manner cryptocurrencies may disappear in several years, but the technology which stands behind them, I mean blockchain, will become a part of our everyday reality. This scenario cannot be denied,”

In response to the Russian government’s recent critique of cryptocurrencies, the CEO and Chairman of the Executive Board of the largest Russian bank Sberbank Herman Gref called on the authorities to not ban virtual currencies. Gref considers both cryptocurrencies and Blockchain to be the “new huge technologies whose power cannot be realized at the moment.” He also declared “in no circumstances should [cryptocurrency] be banned”.

Several other countries have also announced plans to introduce their own state-issued cryptocurrencies, such as Venezuela and Senegal.


Source: https://cointelegraph.com/news/is-cryptoruble-back-launch-set-for-mid-2019-says-russian-blockchain-association

[Samarkand]

...

According to Russian crypto journal Forklog, the coin is set to be pegged to the ruble, non-mineable, and will be the only legal cryptocurrency in the country.
...

The decision to make the CryptoRuble the only cryptocurrency that is
legal in Russia is incredibly shortsighted. If Bitcoin becomes a global settlement standard
and most other superpowers embrace it the Russians risk to be left behind with a
useless cryptocurrency. It would be smarter to embrace Bitcoin before China and the US
do it and regulate it in a comparable way to Belarus, who are working
towards becoming a hotspot for cryptocurrency.

On the other hand, the CryptoRuble could prove to be as effective as the Petro
in circumventing international sanctions. Nevertheless, it will be interesting
to see how these state-issued cryptocurrencies perform.

[darkangel11]

Wow mid 2019? So they are bullish for cryptocurrencies, expecting the market to keep growing for another 1,5 years. Great!
I wonder what is going to take them so long. Most cryptocurrencies need only a couple months to launch and these guys have been talking about it for the past year and now expecting another 1,5 years to finish. In terms of volatile crypto markets those years are like decades. We can be at USD/satoshi parity at that point.

[hatshepsut93]

Wow mid 2019? So they are bullish for cryptocurrencies, expecting the market to keep growing for another 1,5 years. Great!
I wonder what is going to take them so long. Most cryptocurrencies need only a couple months to launch and these guys have been talking about it for the past year and now expecting another 1,5 years to finish. In terms of volatile crypto markets those years are like decades. We can be at USD/satoshi parity at that point.

Did you read the article?

According to Russian crypto journal Forklog, the coin is set to be pegged to the ruble, non-mineable, and will be the only legal cryptocurrency in the country. The government hopes the CryptoRuble will attract foreign cryptocurrency investments.

Overall, the highest leaders in the Russian government have held mixed to negative opinions towards cryptocurrencies. At a state press conference on January 12, Putin stated:

    “It is known that there is nothing behind the cryptocurrency, and it cannot be a store of value, it doesn’t have any material value, and it’s not backed by anything...”

Russia is pretty negative on cryptocurrencies, they want create their own shitcoin that will not even be mineable - just some centralized token that will be a "legal" cryptocurrency. Probably will be just another failure like all their technologies in the recent years. But it might get some success on global markets, because even today we have coins with billions in marketcaps that only have whitepapers or some very early software.

[senin]

With such a constantly changing approach to the crypto currency in Russia, if their cryptor is scheduled for release as early as the middle of next year, then by this time it can still change again. However, such an experience with the national currency we need is very necessary.

[veleten]

lets wait till July 2018,it will be clear then if it is just talks or not
by that time Russia will have accepted regulations and the status of the cryptocurrencies should be more or less determined
now any news about russian ICO's,cryptocurrencies or legislation take with a pinch of salt
there could be two totally contradicting piece of info during one week if not day
as for the state issued cryptoruble or bitruble or whatever rouble,it is going to be a state controlled centralised currency
nothing to do in form or spirit with the cryptocurrencies,maybe just that it uses web
and blockchain,look at Venezuela and a few other countries that declared they would
create their own bitcoin with blackjack and whores
to me its just a cheaper form of the national central bank issued currency,nothing more

[Samarkand]

... Probably will be just another failure like all their technologies in the recent years. ...

I wouldn´t be so sure of the failure of the CryptoRuble. I agree that a non-mineable,
centralized cryptocurrency looks like a "shitcoin" at first glance. However, this is not
the average cryptocurrency without a real use case, because it has the ability
to allow Russia to circumvent international sanctions.

E.g. they have a problem to sell certain stuff (oil, advanced weapons), because
of the sanctions and the power that the US have over the financial system of the whole world.
A cryptocurrency like the CryptoRuble (or the Petro that is going to be released
by Venezuela) is unaccesible for the US government - unlike traditional
clearing systems for international wire transfers.

I predict that it will be less successful than Bitcoin, but will still prove
to be useful for Russia´s attempts to circumvent international sanctions.

[Snaic]

At first I did not pay attention to the date of writing the topic, it was written almost a year ago. During this time, nothing has happened in the implementation of cryptocurrency in Russia. The Russian leadership only speaks about cryptocurrency, speaks contradictory and more negatively. By July of this year, they planned to adopt laws on cryptocurrency, but they did not accept anything. They can accept a crypto-ruble only when international sanctions are too tight and only for the sole purpose of circumventing them with the help of their centralized cryptocurrency.
Freedom to its citizens regarding the use of the rest of the cryptocurrency will not be given there. As long as Putin’s regime will rule the country, it is unlikely that the citizens of this country will be given the right to use the decentralized cryptocurrency openly and freely.

[erikoy]

IF this will going to happen then we can expect that other country will follow also and this would be a good news because it will create a diversion of stock exchange market where other countries has given the privilege to buy other currencies for trading and making it as an asset. I just wish that it will be done right away to see if there will be some good results.