According to the Head of the State Duma’s Committee for Financial Market Anatoly Aksakov, if approved by the Bank of Russia, digital ruble may probably emerge in Russia after the adoption of the draft laws on cryptocurrency market regulation.
Aksakov stressed that digital ruble will be just a digital equivalent to fiat ruble:
“This is the same ruble, albeit represented in a ciphered form. It traces money circulation between blockchain users… The information system will allow for listing tokens and digital rights in order to attract funds for the implementation of projects. All the said rights are being registered on the information platform. Such kind of a resource provides for currency-to-cryptocurrency exchange. For example, you deposit 100 000 rubles with a bank and get 100 000 CryptoRubles in return at a 1:1 ratio. You then are free to use these funds to buy goods that are registered on blockchain.”
“I think that as soon as blockchain becomes an important part of our economy, there will be a need for trade and economic processes to be served by CryptoRubles, or, in other words, by rubles rooted in blockchain. It is clear that, in my opinion, this process should be regulated by the Bank of Russia, and it is the Bank of Russia that has to permit the emergence of such an instrument. As of now, the regulator demonstrates a reserved stance on the matter: they are quite cautious about it.”
Back in March, three draft laws defining the legal status of smart contracts, cryptocurrencies, ICOs, mining, and crowdfunding, were introduced to the State Duma. According to Aksakov, however, there is still no place for CryptoRuble in these:
“There is no such thing in the draft law. These are just my fantasies about what is, supposedly, to happen in future. There is no strong demand for this yet. First and foremost, we are now establishing legal opportunities for ICOs and envisaging investors’ rights protection, while also formulating standards and requirements applicable to operators and the information system as a whole within our jurisdiction. First we create infrastructure, then infrastructure will probably need to be augmented by cryptocurrencies, but fiat-backed ones.”
It should be noted, that the Bank of Russia, has been constantly opposing the idea of legalizing any sorts of cryptocurrencies in Russia.