According to reports from the Bank of Russia, the creation of a Russian national cryptocurrency called the 'cryptoruble' has been put on ice for the next couple of years. While the cryptoruble has strong support from the country's finance ministry which believes it could be used for cross-border payments, it is opposed by the Russian Central Bank on the grounds that it could be used to circumvent financial regulations.

Sergey Shvetsov, deputy governor at the Bank of Russia, has said that he does not see the cryptoruble being created in the "foreseeable future," as he believes that as a financial regulator, the bank cannot allow a technology which will enable people to transfer funds without any oversight to be developed.

However, Alexei Moiseev, the Deputy Finance Minister has told journalists that the ministry is supportive of plans to use the cryptoruble as a way of making cross-border settlements with neighbouring countries. However, in previous comments, Moiseev seemed to cast some doubt on which type of cryptocurrency he is endorsing, saying:

"To be honest, I do not even understand what a cryptoruble is...I understand what an electronic ruble is."

In October 2017, Russian president Vladimir Putin ordered that a new national cryptocurrency should be created as a way of getting around international sanctions.