Russian President Vladimir Putin has reportedly been looking into developing a national cryptocurrency called the “cryptorouble.”
The Financial Times reports that, Russian economic adviser to the President, Sergei Glazev, explained at a government meeting that cryptocurrency would serve as a “useful tool” to get around western economic sanctions that are currently in place.
“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.”
While it is unclear whether or not the cryptorouble would be issued by the Russia’s central bank, the Bank of Russia, it does bring up yet another reason for cryptocurrency opponents to be concerned.