Putin To Launch 'Cryptorouble' To Free Russia From The Rothschild Bank
Russia's new cryptocurrency could spell end for banking elite
Russian leader Vladimir Putin has commissioned officials to begin work on a developing a new cryptocurrency that will allow Russia the escape the grip of the Rothschild banks and avoid sanctions.
As well pushing towards gold, Putin is now preparing to move to the digital freedom of cryptocurrency as it would allow the country to evade western economic sanctions.
In the light of Bitcoin' s success, cryptocurrencies could potentially signal the end of the grip of the banking elite.
Powerful banking elites are looking to dominate the currency market by limiting the use of cryptocurrency, but Russia is putting up a fight and is voicing a strong message that they are not slaves to the banksters.
coindesk reports: Glazev explained: "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 adviser indicated that the cryptorouble would be equivalent to the rouble, but with its circulation "restricted in a certain way," and allowing the Kremlin to track its moves.
It is as yet unclear, though, whether the cryptocurrency would be issued by the country's central bank, the Bank of Russia.
Previously, the president has ordered his cabinet officials to devise a framework for establishing and regulating a digital currency within Russia, a move that following his meeting with ethereum founder Vitalik Buterin last summer.
In October 2017, Putin further mandated new regulations around cryptocurrencies, including the registration of miners and the application of securities laws to initial coin offerings (ICOs).
Russia's finance minister, Anton Siluanov, announced in September 2017 that his department will regulate the use of cryptocurrencies in the country by the end of 2017. There is "no point in prohibiting" cryptocurrencies as they are a "reality," he said.