The Ministry of Finance of the Russian Federation allows the establishment of a national cryptocurrency without public investment

The Finance Ministry is not against the creation of private Russian cryptocurrency in the absence of public investment in this project, the letter of the Minister of Finance Anton Siluanov, Russian President Vladimir Putin.

«The Finance Ministry has no objection to the possible implementation of a private project to create a national cryptocurrency is subject to monitoring by financial authorities, as well as the lack of necessary investment at the expense of public funds», – the document says.

According to the letter, technology of the blockchain has some legal and technological limitations. Siluanov stressed that in the blockchain of Bitcoin number of transactions is 7 per second, the blockchain Ethereum – 20, and Visa payment system – more than 2 million transactions during the same period of time.

Attempt to use a national cryptocurrency as a means of attracting foreign investments into the national economy, apparently, faced with the problem of exchange for foreign currency, follows from the document.

Siluanov noted that recently there have been reports of restricting access of Russian users to foreign cryptocurrency exchanges, and in the future expect restrictions of withdrawal of the national cryptocurrency of the Russian Federation to the international court.

«Given the above, it appears that the establishment of a national cryptocurrency with a single emission center is impossible due to the technical characteristics of the «issue» of cryptocurrencies, based on the technology of distributed registers», – he said.

The paper also highlighted potential threats to privacy of operations that can cause the use of calculations on distributed registries in the system of military-technical cooperation.

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