Bank of Russia Begins Blockchain Studies; Rumors of Future State-Run BitRuble Persist

The Bank of Russia has begun studies of Bitcoin’s blockchain technology for potential future use. This has led to rumors that Russia has decided to begin work on a new national digital currency, the BitRuble, that will be managed and overseen by the state central banking system, according to late evening reports out of El Mundo in Spain.

Russia will work with Qiwi to build national digital currency system

As Coin Telegraph reported earlier this week, Qiwi was planning on building a privately-run crypto-currency for the Russian market. This was met with a very negative response by the Russian Ombudsman, Pavel Medvedev.

“It’s absolutely illegal, such technical hooliganism absolutely inappropriate. The Constitution says who has the right to Russia to issue money; it is the (Russian) central bank. The only currency in Russia is the ruble. The rest of the money is illegal, and this kind of disgrace (would be) a criminal offense.

Yesterday, Deputy Chairman of the Bank of Russia Olga Skorobogatov reported that Russia is studying what digital currencies and Bitcoin’s Blockchain technology can do. Qiwi will not be apart of this state-run initiative at this time.

“We even created a working group and dive into this topic.

Read more ... source: Cointelegraph