Russia has approached crypto with caution and trepidation, for the most part seeing the emerging asset class negatively. Regulation is slowly falling into place, though it is far from as advanced as other European countries like Malta and Switzerland.
However, some interesting news has come out of the nation, as a local media source Rambler reported that Russia’s State Duma (the lower half of its parliamentary body) is finalizing cryptocurrency regulations — while also intending to launch its own cryptocurrency backed by oil, much like Venezuela.
Oleg Nikolayev, member of the State Duma Committee on Economic Policy, confirmed that the body was nearing the completion of a regulatory framework, which is expected sometime in March.
Also speaking to Rambler was former Energy Minister Igor Yusufov, who justified the creation of an oil-backed cryptocurrency in the wake of economic sanctions:
After the launch of the cryptocurrency platform, oil-producing countries will be able to maneuver with respect to financial and trade restrictions, which have become too many in recent years. Based on this, the project will bring the greatest benefit to OPEC + countries, including Russia, which will be able to increase oil and gas exports.
As for whether the decision to launch the crypto will face resistance, the response was blunt:
There is always resistance. But if you pay attention to him, you will have to mark time. Time is such that we cannot afford it anymore. Otherwise you have to catch up. In the world, everyone has already appreciated the opportunities provided by cryptocurrency.
Gabor Gurbacs, Director of Digital Asset strategies at VanEck, said that the International Monetary Fund (IMF) has given the green light to 8 nations to launch their own cryptocurrency, and that coincides with Russia’s decision to launch an oil-backed crypto.