XIAMNEN, China, Sep 4 (PRIME) -- The bitcoin that works on Western cryptographic algorithms is unlikely to be fully legalized in Russia, but the country may create a national cryptocurrency based on local cryptography, Communications and Mass Media Minister Nikolai Nikiforov said on Monday.
“The bitcoin and the Etherium are cryptocurrencies that are based on foreign cryptography. Russia has its own school of cryptography. I believe that we can fully launch a crypto unit, a tool based on the blockchain technology, and articulate a set of rules within which operations will be performed precisely,” Nikiforov told reporters.
“We should not blindly bow to the bitcoin; it’s all alien to us from the point of view of the fact that they don’t work on the Russian cryptography.”
Nikiforov also said that he has no plans to invest in the bitcoin.
The ministry made suggestions on the rules on circulation of the local cryptography-based virtual currencies. “The proposals are ready and will be submitted to the government. Setting the rules is a question of months,” the official said.
All cryptocurrencies and money surrogates are currently banned in the country.
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