Putin did not officially approve Russian #CryptoRuble; for now it is a vaporware like #CryptoYuan

Let’s get one thing out of the way. Both #cryptoruble and #cryptoyuan will likely become real things eventually. Maybe soon. 

But, for now, they are just a bunch of documents and initiatives percolating through the gigantic bureaucracies of both countries, pushed by rising tech savvy people who are not in power just yet.

There were multiple leaks and even statements by some mid level officials lately about the plans to launch the state backed cryptocurrency in China and Russia. But something got lost in translation in the Coin Telegraph’s report that got everyone so excited today.

There was no official approval from Putin. It was a leak. From an informal meeting at Moscow Capital Club – a private membership club – where the minister of communications Nikolay Nikiforov was present. And, according to sources, said that Putin decided to launch #cryptoruble, and that government is preparing necessary regulations.

But that’s not that different from what Russian First Deputy Prime Minister Igor Shuvalov said in August – that Russians are working on their own blockchain-based state cryptocurrency. Fully monitored and highly regulated one, too.

The only indication of some progress is this rumored quote:

“There is one simple reason I say with such conviction that we will launch #cryptoruble, it’s because if we won’t do this, within the next 2 months our neighbors in Eurasian Economic Community will.” – said the minister.

This may may or may not mean that Russia will announce something about #cryptoruble within the next couple of months. But getting from a government resolution to a working cryptocurrency – that’s a different thing.

Hence – #vaporware.

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