Russia’s president Vladimir Putin has commissioned work on a state-run cryptocurrency that can circumvent other cryptocurrency sanctions around the world.

The cryptocurrency is being called Cryptorouble. Back in October, the Russian Minister of Communications and Mass Communications first mentioned the possibility of the state-run cryptocurrency.

According a Financial Times report yesterday, Putin’s economic advisor Sergei Glazev explained:

This instrument suits us very well for sensitive activity on behalf of the state. We can settle accounts with our counterparties all over the world with no regard for sanctions.

Further details, including the issuer of this cryptocurrency is unclear.

Read more at Financial Times and CoinDesk. 

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