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Will Russia Become the First Country to Launch a National Cryptocurrency?

Will Russia Become the First Country to Launch a National Cryptocurrency?

Following President Vladimir Putin’s order earlier last week, Russia is on its way to creating its own national cryptocurrency dubbed cryptorouble. According to the Russian leader’s economic advisor, the government plans to use cryptorouble to avoid international sanctions, particularly from western nations. “Russia has long had aspirations to stop being reliant on Western currencies – especially the US dollar. Cryptocurrencies offer a unique opportunity to finally make meaningful headway in this direction. Moving towards a blockchain economy is not only a way to potentially circumvent sanctions, but can also serve as a democratizing tool to help kickstart a globalized Russian economy, not unlike Estonia and Belarus,” notes Lisa Gus, the Founder and CEO of WishKnish. According to Vasily Kozlov, the CEO of Connectius, approval of sanctions against Russia ignited government interest in cryptocurrencies. “In Russia, interest in blockchain technology flared up right after the sanctions were approved. The greater part ... Read More »

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