Russian electronic wallet platform QIWI claims to continue working on the development of the first Russian blockchain-based cryptocurrency amid growing negative attitude of Russian authorities to crypto money.

QIWI believes in the efficient potential of the Bitruble project but still has to consider its perspectives uncertain due to the shaky status of cryptocurrencies in Russia. Although some Russian authorities and special committees stand for the total ban of digital currencies, there are other forces displaying growing interest to innovative technologies of distributed ledgers.

QIWI has already met with the national Central Bank and state Duma representatives, explaining the company's view on the Bitruble project, the company’s Communications Director Konstantin Koltsov told CoinDesk.

“This project can be effective for our market, but there are still misunderstandings concerning the technological and regulatory issues.”

The most debated issues at consultations with governmental representatives are regulatory: namely, users’ identification within blockchains and the decrease of bitcoin anonymity.

According to Koltsov, QIWI is open to partnership and collaboration with other companies and institutions in order to develop new financial and non-financial products, as well as explore the whole blockchain technology market.

“We understand that there can’t be the only one beneficiary in blockchain and crypto-products development and are preparing to bring tech issues to the whole market environment,” Koltsov says.

Last September, QIWI announced their plans to start releasing Bitruble in two years’ time. In October, the company approached the Federal Intellectual Property Service to register Bitruble as a trademark.  

Elena Platonova