Deputy finance minister says creation of cryptoruble unreasonable

MOSCOW, Dec 28 (PRIME) -- Creation of a cryptoruble in Russia is unreasonable, Deputy Finance Minister Alexei Moiseyev said on Thursday at a meeting.

“Making these cryptorubles is pointless. Frankly speaking, I don’t even understand what cryptorubles are,” Moiseyev said.

“If we announce at a government level that we reject the principle that the central bank is in charge of emission, we could launch the cryptoruble. At that we could not even ensure a 100% reliability of transactions.”

President Vladimir Putin ordered the government and the central bank to elaborate amendments to the law by July 1, 2018, to regulate the procedure of cryptocurrency offers similar to an initial public offering.

The president also ordered preparation of amendments to the definition of a status of digital technologies used in the financial industry, and such notions as “cryptocurrency”, “token”, and “smart-contract” by July 1, 2018.

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