Russia's self-developed virtual currency Finance Minister: This is just a joke!

     Russia and digital currencies are in the news again, only this time, it’s not for nothing, but because Russia is creating its own cryptocurrency.

     The virtual currency, known as the bitruble, could be launched next year through its parent company Qiwi, if Russian financial advisers are willing to overcome their fear and distrust of bitcoin.

     The country has an openly volatile relationship with cryptocurrencies. Following the 50% fall of the ruble last year, Russia is reversing the fall with its own pushback against digital currencies, explaining that they cannot be trusted due to being used by criminals and terrorist organizations. Earlier this year, Russia made more headlines by seemingly instilling a complete Bitcoin ban. However, the move has stumbled along the way. Immediately after instilling a ban on all cryptocurrency-related websites in an attempt to restrict relevant information, a court order was seen overturning the ban, allowing domestic and foreign Bitcoin websites to provide Bitcoin basic information online.

     Right now, as it stands, Bitruble is facing huge opposition. According to The Moscow Times, Russia's financial ombudsman Pavel Medvedev called Bitruble a "hooliganism," noting: "Such outrages require criminal liability."

     Deputy Finance Minister Alexey Moiseev also offered several disturbing thoughts about digital currencies, saying that it is:

"This is a joke and poses serious risks of money laundering and tax evasion..."

     However, banks like the country’s central bank and the country’s largest bank, Sberbank, have come to the defense of the idea, with both sides agreeing that digital currencies are necessary in today’s age.