CryptoRuble: From Russia with Love

TL;DR

This paper analyzes Russia's CryptoRuble, exploring its motives, implications for stakeholders, and its potential impact on the global monetary system, including comparisons with decentralized cryptocurrencies and future universal currencies.

Contribution

It provides a detailed discussion of CryptoRuble's strategic motives, implications for various stakeholders, and its role within the evolving landscape of global digital currencies.

Findings

CryptoRuble aims to strengthen Russia's financial sovereignty.

Potential for government-issued digital currencies to reshape global finance.

Discussion of future universal digital currencies and their implications.

Abstract

We discuss Russia's underlying motives for issuing its government-backed cryptocurrency, CryptoRuble, and the implications thereof and of other likely-soon-forthcoming government-issued cryptocurrencies to some stakeholders (populace, governments, economy, finance, etc.), existing decentralized cryptocurrencies (such as Bitcoin and Ethereum), as well as the future of the world monetary system (the role of the U.S. therein and a necessity for the U.S. to issue CryptoDollar), including a future algorithmic universal world currency that may also emerge. We further provide a comprehensive list of references on cryptocurrencies.