The only cryptocurrency freely available for sale and purchase in Russia is the Russian Bitcoin, which would use Sberbank as its base.
Sberbank is Russia’s major state- controlled bank. The Russia’s central bank along with Sberbank will work on the development of a cryptocurrency as agreed by CEO Herman Gref, Sberbank. The other types of cryptocurrencies would be available only through exchanging or trading platform.
Central bank deputy, Olga Skorobogatova announced in the ongoing economic forum in St. Petersburg that the work on developing a national cryptocurrency has already begun. Giving a positive nod to the blockchain, she said it is a “revolutionary technology,” but the associated risks needed to be understood.
She further added; it would take about 7-10 years to have a fully-controlled integration. The Bitcoin would be used in the coming years to concentrate on digital letters of credit, custodian accounting and digital bank guarantees.