Russian Payments Firm Qiwi Works to Release Its Own Cryptocurrency

Russian payments firm Qiwi (NASDAQ:QIWI) is working to release its own cryptocurrency. The company has reportedly submitted an application to register the trademark “Bitruble.”
According to an article on CoinDesk:

According to Russian news agency Interfax, Qiwi is seeking to trademark the term “Bitruble”. An application has been sent to the Federal Service for Intellectual Property.
The filing follows the company’s move to acquire domain name space related to the term “bitruble”, as reported by Kommersant earlier this month. Qiwi has also indicated that the cryptocurrency could be backed by some form of commodity.
The proposal drew attention given Russia’s still uncertain stance on bitcoin and digital currencies.
Shortly after the payments firm disclosed its plans, Russian government officials denounced the concept as “illegal”. More recently, the country’s Ministry of Finance has moved to endorse criminal penalties for activities connected with “money substitutes” such as bitcoin.
A bill that would prohibit money substitutes remains under consideration.

Click here to read the full article on CoinDesk.