Share this article
Russian Official: Payment Giant Qiwi's Digital Currency Idea 'Illegal'
A Russian official is speaking out against plans by a leading domestic payment company to release a bitcoin alternative.
By Stan Higgins
Updated Dec 10, 2022, 7:59 p.m. Published Sep 16, 2015, 7:55 p.m.
A Russian government official has spoken out against a leading domestic payments company's plan to release its own digital currency sometime next year.
Reports by Russian-language news services Kommersant and Pravda suggest that QIWI, a Moscow-based payments firm, is working to develop a bitcoin-like currency that will be a virtualization of the ruble. Sergei Solonin, QIWI’s CEO, told Kommersant in an interview that the concept could be deployed as early as next year.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
However, a report from state-owned news service TASS suggests that Russian officials aren't warm to the concept.
According to TASS, Russian financial ombudsman Pavel Medvedev dismissed the concept as against the country's laws, stating during a radio appearance:
"It's absolutely illegal, such technical hooliganism [is] absolutely inappropriate. The Constitution says who has the right to Russia to issue money - it is the central bank. The only currency in Russia is the ruble."
QIWI, according to financial statements published in Marchhttps://investor.qiwi.com/releasedetail.cfm?ReleaseID=901214, oversaw $11.5bn in payments volume during 2014 and total adjusted net revenue of $157.1m over the course of that year.
The news comes as bitcoin and digital currencies experience significant headwinds in Russia. Earlier this summer, Russian president Vladimir Putin spoke of the “serious, really fundamental issues related to its wider usage” when speaking of types of electronic money, including bitcoin.
It remains clear whether QIWI’s digital currency dream becomes a reality. Despite the hope for a launch in early 2016, Solonin reportedly said that the outcome will depend largely on the response from Russian authorities – of which Medvedev's on-air response could be the first of a number of criticisms.
Notably, Solonin indicated that the company was developing a kind of user identification system that would complement the digital currency.
QIWI did not immediately respond to a request for comment.
Image via Shutterstock
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin to rebound sharply as gold hits $5,000 in 2026, VanEck manager says
VanEck's David Schassler expects gold and bitcoin to rebound sharply as investor demand for hard assets is expected to rise.
What to know:
- Bitcoin has underperformed compared to gold and the Nasdaq 100 this year, but a VanEck manager predicts a strong comeback in 2026.
- David Schassler, the firm's head of multi-asset solutions, expects gold's surge to continue to $5,000 next year as fiscal "debasement" accelerates.
- Bitcoin will likely follow gold’s breakout, driven by returning liquidity and long-term demand for scarce assets.
Top Stories
