Russia’s State Duma Committee On Financial Markets Considers Launching A Ruble-Pegged Cryptocurrency

New state-backed cryptocurrency which will be pegged to the Russian ruble is likely to be launched according to the latest crypto news coming from Russia where the chairman of the Duma Committee on Financial Markets, claimed that they are considering this possibility.

The Chairman Anatoly Aksakov while speaking at a press conference about the increasing household debt load, expressed his excitement that the government is planning to back a cryptocurrency which will, of course, be, ruble-pegged. The new coin will be a blockchain powered stablecoin 1:1 pegged to the Russian Ruble.

Aksakov described how the stabelcoin could be created explaining that the cryptocurrency will be eventually backed by a banking deposit. Right after that, the banking institution will issue a corresponding amount of crypto assets to the above mentioned 1:1 proportion.

The new cryptocurrency will be backed by the central bank since it’s backed by fiat currency.

According to Aksakov, all major cryptocurrencies such as Ethereum and Bitcoin are ‘’doomed’’ in the near future simply because they are not backed by anything. This is one of the reasons why the new Russian draft law ‘’On Digital Financial Assets’’ removed the definition of crypto mining.

This idea about launching a ruble-backed cryptocurrency was first announced in early 2018 where the Russian Association of Cryptocurrency and Blockchain said that the coin will be launched in 2019, possibly mid-year.

However, despite the excitement and the desire to work on the coin, there is still no movement whatsoever on this issue.
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Government officials, on the other hand, claim that the issuing of the cryptocurrency will be very fast due to the existing programmatic tools they have.