The administrator of Russia's State Duma Committee on Financial Markets has asserted that the institution is thinking to launch a state-owned virtual currency pegged to the Russian ruble, Russian radio news station Govorit Moskva announced Friday, Nov. 2.

Talking at a press conference on the expansion of the household debt load, Chairman Anatoly Aksakov communicated his certainty that the administration will back a cryptocurrency, however, it will be a ruble-backed cryptocurrency. The deputy indicated that the proposed coin will depict a blockchain-enabled stablecoin pegged 1:1 to the ruble.

Aksakov additionally portrayed the model of making the stablecoin, expressing that the virtual currency will be upheld by a bank deposit of a specific sum. Afterward, the banking foundation will issue a relating measure of cryptocurrency by utilizing blockchain tech and maintain 1:1 proportion.

As per Moscow-based news outlet Mskagency, the administrator has mentioned that the digital currency will be issued by the national bank since it is supported by fiat currency. Also, Aksakov believes that the execution of blockchain innovation regarding issuance "cryptocurrency" is "promising."

In late October, Aksakov guaranteed that top virtual currencies such as, Bitcoin (BTC) and Ethereum (ETH) are destined to a "depressing future" since they are not backed by anything, including this was a purpose behind the ongoing correction to the Russian draft law "On Digital Financial Assets" evacuating the meaning of crypto mining from its domain.

Launching a Russian state-issued digital currency, named the CryptoRuble, was declared in mid-2018, with the Russian Association of Cryptocurrency and Blockchain (RACIB) guaranteeing that the coin will be launched amidst 2019.

In any case, most as of late, presidential consultant Sergey Glazyev stated that there is still no development on the issue.