The idea of Russian cryptocurrency, so-called crypto-ruble, seems to the Russian Central Bank inappropriate, but the regulator thinks about the possibility of issuance of a supranational cryptocurrency.

The Bank of Russia believes that the issuance of a cryptocurrency equivalent to the ruble, or so-called cryptoruble, is hardly possible due to various technical risks associated with the potential threat of "51% attack".

"We will not be able to ensure absolute reliability of transactions due to the fact that if for some reason 50% + 1 validator of the cryptocurrency system will say that the there was a transaction, but in reality there was no transaction, we as a regulator will not have any opportunity to refute it," explained Russian deputy finance minister Alexey Moiseev, speaking at a joint press conference with the Russian Central Bank in Moscow.

According to the first deputy chairman of the Central Bank Olga Skorobogatova, if it is worth discussing the creation of some official cryptocurrency, it should be a supranational coin, which will be recognized as a payment method in several countries, for example, members of the Eurasian Economic Union (EAEC) or BRICS.

"The question that seems to us worth discussing with our colleagues is the possibility of issuance of a supranational cryptocurrency, acceptable to countries members of the EAEC or BRICS. There are a lot of technological and macroeconomic issues. Therefore, I think, next year will be devoted to developing approaches to the possibility of issuing such supranational cryptocurrency," elaborated Skorobogatova.

The EAEC includes five countries: Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan. BRICS members are Russia, Brazil, China, South Africa and India.

Moiseev added that the Ministry of Finance proposes to classify cryptocurrencies as other property, rather than a settlement or payment method. Cryptocurrencies can be used within the barter agreement when they are exchanged for other property, including tokens of ICO-projects, but will not be accepted as a payment method equal to ruble.

The bill on cryptocurrency regulation, prepared by the Ministry of Finance, is subject to discussion by the expert community. It is expected that it will be introduced in the State Duma in January.

According to the decree of Russian President Vladimir Putin, the legislation on cryptocurrencies should appear in Russia by 1 July 2018.