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Russia Changes Mind on Crptocurrency Use


After a meeting with Vitalik Buterin the influential Russian-born billionaire who founded Ethereum (which uses the same technology as that of Bitcoin), the Russian president Vladmir Putin has expressed interest in cryptocurrency. 
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Russian officials have ordered the development of a new cryptocurrency that will allow them to move money abroad and evade international sanctions. 
“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,” Russian President Vladimir Putin’s economic adviser Sergei Glazyev told a government meeting, according to the Financial Times
Putin personally ordered the creation of a cryptorouble, an online version of Russia’s currency, but the final product is still a long way off, officials said.

Note that earlier in October 2017, Putin said that the use of cryptocurrencies bears serious risk, that he has ordered the creation of cryptorouble indicates that Russia has accepted cryptocurrency.
The Russian president had already ordered his cabinet to devise a regulation framework for cryptocurrency use in Russia.
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Written by Russell


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