Earlier this week, Russian mobile payments company Qiwi announced it is developing a new "bitruble" cryptocurrency which is supposed to enter circulation in 2016.
According to the newspaper, Russia’s "unusual initiative" would result in the creation of a formidable rival to Bitcoin and other cryptocurrencies.
Bitruble will be very similar to Bitcoin, but unlike any other cryptocurrency, it will be regulated by the Russian Central Bank. The bank will strictly control the emission and circulation of Bitruble to prevent it from being used for illegal transactions.
Russian law bans the issue of any currency not approved by the Central Bank of Russia.
Currently, the Central Bank and Qiwi are in talks considering the issue of Bitruble. The sides are working to adjust the decentralized issue of the cryptocurrency to the Russian law.