Russia might have cryptoruble in three years

Aksakov is positive about official ruble-backed stablecoin.
Russia will need to create legal field to regulate cryptocurrencies.

Russia might not want to transfer its foreign reserves in Bitcoins Iany time soon, but the Russian government is undoubtedly interested in blockchain technologies and a concept of digital currencies. According to Anatoliy Aksakov, to the chairman of the State Duma Committee on Financial Markets, Russia might consider cryptoruble following the blockchain technology mass adoption.

The official explained that cryptoruble would become a blockchain-based version of the ruble, which means it will be backed by currency reserves on the accounts of the authorized credit institutions. 

«The wider blockchain is used in financial and economic activities, the higher the probability of cryptoruble. I think it will take us two-three years to get there,» - he added.

Aksakov also mentioned that several projects focused on backed cryptocurrency issuance are already tested within the framework of the regulatory sandbox launched by the Bank of Russia.

Meanwhile, the country has yet to pass the law of digital financial assets. It is regarded as the first step in creating legal field for issuing a digital version of the ruble. 
Duma will discuss draft bills related to the legal status of cryptocurrencies in Russia in spring 2019.

Cryptocurrency experts believe that a ruble-backed stable coin will make the cash flow more transparent and help to reduce corruption in specific fields. Also, it can be used for paying taxes, duties and state fees. It means that cryptocurrency traders won’t need to transfer their digital proceeds in fiat.