Russia wants to build its own cryptocurrency that it believes will be better than bitcoin, this is according to the Central Bank’s Deputy Governor, Olga Skorobogatova. The announcement comes not long after the Central Bank said that it would be pushing for legislation which would introduce a tax on bitcoins and other digital currencies.
Speaking at the St. Petersburg International Economic Forum (SPIEF) 2017, Skorobogatova said:
“Regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency. This is the future. Each country will decide the issue of a specific time and maturity independently.”
Cryptocurrency enthusiasts shouldn't get too excited just yet about the new virtual currency because while testing has already taken place on the Masterchain and Hyperledger platforms, more details aren’t expected to be revealed for another two to three years.
Russia has been an interesting place for cryptocurrencies, a few years ago it was suggesting harsh penalties for those issuing currencies such as bitcoin but has since become more liberal on the issue. Now, to see it coming out and saying it wants to have a national cryptocurrency, it makes it one of the first countries to say so, with the State of Palestine also announced similar intentions not long ago.