The chairman of Russia’s State Duma Committee on Financial Markets, Anatoly Aksakov, has made a curious statement. In an interview with the radio news station Govorit Moskva he pointed out that he does not rule out a potential launch of a state-backed cryptocurrency.
Russia has long been interested in entering the crypto market on centralized rather than decentralized terms. This week it has reaffirmed its stance during a press-conference held by the chairman of Russia’s State Duma Committee on Financial Markets, Anatoly Aksakov. He told the Russian press that “I am positive that eventually a cryptocurrency will emerge. However, it will be a backed one. Once a certain amount of money is deposited into a certain bank, it issues a corresponding amount of crypto tools.” He added that this cryptocurrency will be backed by the Russian ruble 1:1.
Russia’s desire to adopt crypto and yet centralize it is visible to the naked eye. Thus, Aksakov, while being positive about a state-backed digital asset, is not at all enthusiastic about major coins like BTC is ETH. At the end of October, he stated that the terms BTC and mining had been removed from the Russian Law on Digital Financial Assets because of their baselessness. He also noted that these mainstream cryptocurrencies face a “miserable” future.
