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Putin's Idea Rejected; Cryptoruble Not Feasible, According To Minister

Today, the Russian Finance Minister Anton Siluanov released a letter rejecting the President Putin’s Idea to study the feasibility of issuing a national official crypto-coin (often dubbed “the cryptoruble”). He also stated that his ministry would only approve the creation of an official crypto coin if it is devised and created by a financial institution, no by the government itself.
Siluanov stated technical reasons as the prime deterrents to Putin’s idea. He stated that a centralized coin would not be possible because cryptocurrencies are based on decentralized technologies.
The Russian government is also in process of creating laws that restrict Russian citizen to use crypto-coins and exchanges, so it would be illogical issuing a crypto-coin. Furthermore, he indicated that:“Attempts to use national digital currency to lure foreign investment would be forced to deal the need to change it for the foreign currencies.”
This reaction has clashed with the intention of Putin and the Russian Central Bank of issuing a crypto-coin to forbid any other digital currency inside Russian borders. For now, the cryptoruble creation seems highly unlikely.
 

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