Russia is Considering Creating its Own Cryptocurrency in Order to Avoid Western Sanctions

Russia will probably seek to create its own cryptocurrency, the BNR reports referring to the Financial Times. The newspaper focused on last summer's meeting of President Vladimir Putin with Vitalyk Buterin, the Russian-born founder of one of the major digital currencies Ethereum. The meeting was aimed at discussing how to regulate a future official "cryptocurrency" market.

This tool would suit us very well for any sensitive activity on behalf of our country. With the creation of "cryptocurrency", we will be able to settle accounts with our counterparts around the world without paying attention to Western sanctions, according to the Financial Times, Sergei Glazev, Putin's economic advisor.

According to the financial statement, government cryptocurrency would also allow authorities in Moscow to track its movements on individual accounts, the National Radio adds.

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