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    Communications Minister Nikolay Nikiforov (File)

    Russia Needs Pilot Projects in Cryptocurrency - Communications Minister

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    The Russian Communications Ministry supports launching pilot projects involving cryptocurrencies, even if the experiments do not have a positive outcome, Communications Minister Nikolay Nikiforov said Saturday.

    HAMBURG (Sputnik) In June, Russia's Central Bank (CBR) said that it had launched work on creating a national virtual currency.

    "We support such projects. We actively promote them," Nikiforov told reporters.

    The minister said that Russia needed such projects even if the final decision would be negative.

    Cryptocurrencies have no material form and global currency regulation does not currently apply to them. An unlimited number of anonymous sources can issue and use such currencies. Central banks worldwide have treated the phenomenon with caution, although some have started exploring the possibilities it offers and even developing their own cryptocurrencies.

    On May 25, CBR's Deputy Governor Olga Skorobogatova announced that the Bank of Russia would represent draft legislation on taxation, control and accounting related on the virtual currencies as a digital good.

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    cryptocurrency, Russian Central Bank, Nikolai Nikiforov, Russia
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