Russian media recently revealed plans to create a national cryptocurrency to be used alongside the ruble. The Federal Financial Monitoring Service’s (Rosfinmonitoring), released the plan to TV stations and newspapers across the country.
Deputy Director of Rosfinmonitoring, Pavel Livadny, hopes that the new currency will be more convenient for Russians, and reduce the costs related to financial transactions. At the same time, there are plans to ban all other cryptocurrencies, including bitcoin.
Rosfinmonitoring mentioned that they have already begun talks with major stakeholders in the future cryptocurrency; The Finance Ministry and the Central Bank. In stark contrast to Bitcoin, the plan for the Russian cryptocurrency explicitly says that it will have a central issuer in control over the currency’s supply.
This news comes at a time of impressively steady growth in the trading volume between bitcoins and rubles on the unregulated LocalBitcoins platform.
Volumes have nearly tripled this year, making record highs almost every week. Yesterday’s volume of 27.8 million rubles (~$421,000 USD) is over five times what it was a year ago, and a hundred times higher than 2014.