Russia does not intend to buy bitocins for 10 billion dollars – says the official of the Russian Duma. Elina Sidorenko, chairwoman of the crypto-currency group in the parliament, says the recent rumors are nonsense.
Sidorenko denied the same rumor that appeared this week, according to which Russia would be afraid of American sanctions and plan to buy bitcoins for 10 billion dollars.
“The Russian Federation – like any other country in the world – is simply not ready to combine its traditional financial system with cryptocurrencies,” says Sidorenko.
Who is gossiping?
The rumor has been created by Vladislaw Ginko – economist in the state-funded Academy of National Economy. Although on the other hand, the media made news, something that could have been considered a suggestion rather than information about the decision made in the Kremlin. On Twitter, Ginko said that Russia has no choice but to invest billions in bitcoins. He stressed that this is the only way to overcome the severe economic sanctions imposed on Russia by US President Donald Trump. The media caught up with the topic and suddenly the world heard about the alleged plans of the European-Asian superpower.
On the other hand, the rumor seemed very probable, because Russia has been planning to issue CryptoRubel for over a year, and its experts are already working on a similar project for the national cryptocurrency in Iran. This other country is also struggling with US sanctions and wants to circumvent it using the project blockchain currency.
Sidorenko, however, thinks that today such an idea is ridiculous:
“We do not have any mechanisms that would allow us to introduce such a system: where would the assets be stored, which bodies would be responsible for that, which would be responsible for the abuse and other issues.”
Nevertheless, Sidorenko points out that the very idea of an international cryptocurrency that could be used as a single payment system sounds promising.
A similar idea is already considered under the EAEU [Eurasian Economic Union]. In May 2018, five Member States met to discuss how they could use cryptocurrencies and blockchains to strengthen their economies. So far, binding decisions have not been made on this topic. We wrote about the project here.