Russian Officials Look to Bank-Issued Ruple-Backed Token
During a press conference discussing a rise in Russian national debt, a committee lead for the Russian State Duma did not ignore the possibility of issuing a central bank stablecoin to alleviate the economic situation. According to local media, Anatoly Aksakov, a head member of the financial market, stated he believed a secure form of cryptocurrency would surely be launched as a possible solution, explaining that a bank issued crypto asset would stand as 1:1 with the Ruble.
These comments followed recent news that a major Russian mining company also plans to release their own stablecoin backed by metals. A report by Kommersant stated that the company, Norilsk Nickel, aims to provide a less volatile digital asset than bitcoin that has deeper connections with real valuables. The project is also geared towards raising funding to support projects targeting a new sector of investors.
The Reality Behind a Crypto-Ruble
Throughout this year the ongoing rumor regarding a possible Crypto-Ruble has continued. During the early months of 2018, speculation on the country’s exploration of cryptocurrencies in order to bypass sanctions began to spread. According to reports by the Financial Times, Kremlin officials stated the Russian President commissioned instructions to begin developing a cryptographic digital asset.
Similarly, the nation of Venezuela has turned its interest towards creating their own digital asset backed by oil, the PTR token. The launch of the cryptocurrency has sparked much debate with many believing it intends to attract international investment and enables the country to get past legal sanctions. The platform CryptoGlobe has supported a portion of the Petro token’s first sales. The token has been made available via a government organization called the Superintendency of Crypto assets and Related Activities. However, it has been noted that official digital wallets were taken offline following its initial launch.