Putin-Backed Political Group Advances 'Green' Cryptocurrency Concept

Members of a Russian political organization formed by President Vladimir Putin have announced plans to advocate for an eco-friendly cryptocurrency.

The All-Russia People's Front, known as ONF and formed in 2011, recently organized a conference focused on the environment. It was there, according to the organization's press service, that the plan for a cryptocurrency to be used to fund environmental causes was advanced.

Dmitry Mironov, one of the leaders of the ONF, said:

"We want the units of the cryptocurrency to be received by investors and enterprises that promote the development of environmental technologies. In our proposals, we will reflect our vision of the development of the green cryptocurrency in the country and we hope that the initiatives of the Popular Front will be included in the final version of the bill being drafted by the government."

The proposal was put forward in the context of moves by the Russian government to prepare new regulations around the trade and exchange of cryptocurrencies. Last week, a senior member of the State Duma – the national legislature – suggested that work on the legislation could be completed by autumn, capping a multi-year process.

Whether the proposal actually advances in the government remains to be seen, however.

Russian officials, including those from the country's central bank, have issued warnings on cryptocurrency investment in recent days. At the same time, one of Putin's advisors is trying to raise as much as $100 million through an initial coin offering (ICO) to support a new crypto mining venture.

Putin image via Shutterstock