The Russian Association of Cryptocurrency and Blockchain (RACIB) has announced that the government's long-discussed idea for a state-issued cryptocurrency, referred to as the CryptoRuble, will be launched in the middle of 2019.

The CryptoRuble (since the beginning of the 20th century) On the other hand, according to Arseniy Sheltsin, the Deputy Minister of Finance and the First Deputy Governor of Russia's Central Bank stated that they did not think it was necessary for the state of the future

The head of RACIB, details of the CryptoRuble project will be presented and discussed in July 2018. The Government and the Central Bank of Russia are also expected to prepare regulatory measures for Initial Cryptocurrency Offerings (ICOs) and cryptocurrency mining by July 2018.

Early in 2018, one of President Putin's counselors noted that the CryptoRuble could help

According to Russian crypto newspaper Forklog, the coin is set to be pegged to the ruble, non-mineable, and will be the only legal cryptocurrency in the country.

Overall, the highest leaders in the Russian government have held mixed negative opinions towards cryptocurrencies. At a state press conference on January 12, Putin stated:

"It is known that there is nothing behind the cryptocurrency, and it can not be a store of value, it does not have any material value It was not backed by anything … "

Russia's Prime Minister, Dmitry Medvedev, also recently criticized cryptocurrencies at the Gaidar's Forum in Moscow. He compared the virtual currency trend with the dotcom bubble and suggests that most cryptocurrencies are likely to cease to exist, while Blockchain technology will remain, declaring:

"We can not completely exclude the scenario that took place At the beginning of the 90s when many companies arose on the basis of the developing Internet technology and in the beginning of the 2000s those companies mostly disappeared from the scene. Nonetheless, the technology is not only survived but currently plays an important role in our life. In the future, I can block the future, I mean blockchain, will become a part of our everyday reality. This scenario can not be denied, "

In response to the Russian government's recent criticism of cryptocurrencies the CEO and Chairman of the Executive Board of the largest Russian bank Sberbank Herman Gref currencies. (19459007) "He also declared" in no circumstance should [cryptocurrency] be banned ".

Several other countries have also announced plans to introduce their own state-issued cryptocurrencies, such as Venezuela and Senegal.