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    Russian mobile payments company Qiwi

    Russian Company Plans to Launch 'Bitruble' Сryptocurrency in 2016

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    Russian mobile payments company Qiwi will use the blockchain technology that was earlier implemented in bitcoins.

    MOSCOW (Sputnik) — Russian mobile payments company Qiwi is developing a new 'bitruble' cryptocurrency, hoping to enter it into circulation in 2016, the company's head said on Wednesday.

    "We sent the description of the project to the law enforcement agencies," Sergei Solonin told the Russian Kommersant newspaper.

    According to the Qiwi CEO and co-owner, the development and issue of the new Russian cryptocurrency will cost the company several million dollars.

    To launch the bitruble, Qiwi will use blockchain technology, the same underpinning bitcoin, a virtual web-based currency introduced in 2009. Cryptocurrencies have no material form and global currency regulation does not apply. An unlimited number of anonymous sources could issue and use the currency.

    The technology has attracted significant investment. Earlier this week, nine of the world's biggest banks created a framework for using it technology in financial markets.

    Russian law bans the issue of any currency not approved by the Central Bank of Russia. Qiwi has had "several informal meetings" with bank officials on the issue, Solonin said.

    The bank has stated it was in the process of considering regulating digital currencies, in spite of the risks.

    In April, Russian President Vladimir Putin said that the usage of cryptocurrencies in Russia would possibly be legalized at a future point, pointing out that "there are still some real, serious, fundamental problems" with the system.

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    Tags:
    criptocurrency, bitruble, Qiwi, Sergei Solonin, Russia
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