Cryptoruble May Appear In Russia Within 2-3 Years - Senior Lawmaker

MOSCOW (UrduPoint News / Sputnik - 15th January, 2019) Cryptorubles may appear in Russia in two or three years, chairman of the Russian lower house's Committee on Financial Markets Anatoly Aksakov told Sputnik.

"The Central Bank is conservative [toward this idea]. From my point of view, yes, [a cryptoruble can be created in Russia]. A cryptoruble is a ruble linked to the emission of the ruble, but used in blockchain.

The more widely blockchain will be used in our financial sector, and not only in the financial one, but also in the economy, the more likely the appearance of the cryptoruble is. I think it's a matter of two or three years," Aksakov said.

The cryptoruble can be secured by deposits in authorized credit institutions in traditional rubles, according to the lawmaker.

He also noted that now several projects aimed at developing a secured cryptocurrency are being tested by the Bank of Russia.