Russia Contemplates State-Owned Crypto Platform

FinTech, Investing, News, Regulation | July 28, 2017 By:

Russia continues to wrestle with the decentralized nature of cryptocurrency. Its latest idea is to create a state-owned platform to treat digital assets like regular securities.

Russia’s National Settlement Depository (NSD) and what are described as “market players” are considering building a platform for cryptocurrency, local news portal Kommersant reports. 

The plan would create a platform that would certify token distribution and settlements of trades in them, store private keys, and ID wallet holders. Blockchain firm Waves would be among those developing the platform.

Bitcoin and other cryptocurrencies are not recognized as legal currency in Russia. However, various state officials have indicated that will change next year, and there has been some discussion about creating a Russian national digital currency.