Siluanov believes that the establishment of a national cryptocurrency with a single emission center cannot media


Russian Finance Minister Anton Siluanov has sent President Vladimir Putin a letter in which he said he was not opposed to launching a private Russian cryptocurrency without the involvement of public funds. The Agency “Interfax” on February 21, reported that he had received a document at its disposal.

It is noted that the letter dated January 29, 2018 and is a fulfillment of President’s instructions of December 30, 2017 in terms of creating a national cryptocurrency in Russia. Siluanov points out that in the Bitcoin system, the number of transactions is seven per second, Ethereum – 20, and Visa payment system – 2 thousand transactions during the same period of time.

The Minister of Finance believes that “attempted use of a national cryptocurrency as a means of attracting foreign investment into the economy, apparently, faced with the problem of exchange for foreign currency”.

According to the newspaper, the letter also States that recently the Russian users began to restrict access to foreign cryptocurrency exchanges, and in the future we can expect restrictions of withdrawal of the national cryptocurrency of the Russian Federation to the international court.

Siluanov explained that “the establishment of a national cryptocurrency with a single emission center is impossible due to the technical characteristics of the “issue” of cryptocurrencies, based on the technology of distributed registries”.

The use of calculations on distributed registries in the defence sector, according to the Minister, can carry threats to the confidentiality of military operations.

Before that, the British newspaper the Financial Times reported, citing sources in the Kremlin in June 2017 Putin instructed to begin work on the creation of “scriptorama” after a meeting at the economic forum in Saint-Petersburg with the founder of the Ethereum cryptocurrency Vitaly Baleriny.

Advisor to the Russian President on economic Affairs Sergei Glazyev said that the cryptocurrency “is very suitable in order to, in spite of the sanctions, conduct settlements with our counterparties around the world and not be afraid that the Bank will freeze our money and block the deal.”