Stablecoin pegged to the Russian ruble to be out by 2019

Anatoly Aksakov, the chairman of Russia’s State Duma Committee on Financial Markets, has claimed that they are considering a launch of a state-backed cryptocurrency. The coin will represent a blockchain-powered stablecoin pegged 1:1 to the Russian ruble.

The stablecoin will be backed by a banking deposit of a certain amount. The bank will then issue a corresponding amount of crypto assets by using blockchain and maintaining the 1:1 proportion. Thus, since it is backed by a fiat currency, like the Tether, the cryptocurrency will be issued by the central bank.

Read more: The stablecoin with a 1:1 ratio with the US Dollar

Aksakov noted that the implementation of blockchain technology in terms of issuance “crypto-money” is “promising.” In late October, he also claimed that major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are doomed to a “bleak future” since they are not backed by anything.

Although the idea of launching the stablecoin was announced earlier this year, presidential adviser Sergey Glazyev stated there is still no movement on the matter. He also stated that the current programmatic tools could allow for cryptocurrencies to be issued “very fast.”

The link to the original news article can be found on CoinTelegraph here.

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