Never too shabby to consider any new development in order to make some money for Russia, President Putin just ordered the Kremlin to look into creating a cryptocurrency for his people in order to evade Western sanctions.
Although we don’t precisely see how this would help all the agrarian population in Russia living in hardship, we can indeed imagine it would help all the Kremlin’s crony friends to get their dollars laundered of course.
As soon as the announcement was made, the internet went buzzing with speculation as to the name. Given that Venezuela has also considered its own cryptocurrency, to be called the ‘Petro’ (really), many speculated that Russia should call it’s new currency the ‘cryptorouble’.
<blockquote class="twitter-tweet" data-lang="nl"><p lang="en" dir="ltr">Hmm, maybe THAT'S why Putin met with Vitalik Buterin last summer… 🤔<a href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw">$ETH</a> <a href="https://twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw">#ethereum</a> <a href="https://twitter.com/hashtag/cryptoruble?src=hash&ref_src=twsrc%5Etfw">#cryptoruble</a> <a href="https://t.co/y29wyNItY0">https://t.co/y29wyNItY0</a></p>— Steph❄C-137 (@mentalina) <a href="https://twitter.com/mentalina/status/948069880116457472?ref_src=twsrc%5Etfw">2 januari 2018</a></blockquote>
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Sergei Glazev, an economic adviser to President Putin, was quoted in the Financial Times: “This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions.”
The news comes as a surprise though given that the Russian central bank had just recently announced not putting too much trust in cryptocurrencies and stating they had “all the signs of a financial pyramid.”
And even the head of corporate business at one of Russia’s largest banks, Mr Alan Waxman of Gazprombank, stated that: “Crypto isn’t the answer in a quick way.”
Amid all the confusion, people did see the funny side of all these countries trying to jump on the bandwagon. Many commenters were predicting other countries to follow suit shortly, with Israel’s proposed currency being the ‘cryptoshekhel’ and the UK releasing the ‘Britcoin.’