Sergei Solonin, the head of the electronic wallet platform Qiwi which has recently announced its desire to issue Bitrubles, says that the new digital currency should be backed by energy resources to compete with Bitcoin.

"Bitruble might become a real challenge for Bitcoin which is backed by nothing, provided that Bitruble gets such strong backing as the energy resources we have here in Russia", he said.

Mr. Solonin believes that energy-backed Bitruble will have all the potential to become a world currency unit.

"There are no problems with the issue of the cryptocurrency as such, no problems from the point of view of technology. We are ready, and we urge the Central Bank of Russia to cooperate. We would appreciate some kind of an open discussion in a working group format. We do pretty well understand the CB's apprehension, still", said Mr. Solonin.

According to the head of the Qiwi electronic wallet platform, what Russia lacks is the governmental support towards the cryptocurrency initiatives.

"It would be easier to make a deal with Arab sheikhs than come to any solution here in Russia. The technology is just not taken seriously, nobody strives to develop it".

He added that dialogue with the state authorities is "essential" to build a proper system of guarantees.

Earlier in September the Qiwi wallet announced that it was planning to launch Bitrubles in 2016 if they would find a way to convince the Central Bank and state security agencies that the project would fully comply with Russian laws. The announcement caused a heated discussion, with the establishment divided into the cryptocurrency supporters and those who strictly oppose it.


Maria Rudina