Russian President suggests increasing use of digital ruble. (Source: coingeek.com)

Speaking at a government meeting discussing economic issues, President Putin stressed: “Now we need to take the next step, namely to move towards a broad and comprehensive implementation of the digital ruble in the economy, in economic activity and in the financial sector.”

According to him, the digital ruble has been circulating in Russia since last year. However, the mechanism for using this currency is still in the testing phase.

Currently, the digital ruble is used by 12 banks, 600 individuals and 22 commercial enterprises in 11 cities. There have been about 27,000 transfers and more than 7,000 payments for goods and services made in digital rubles.

Since the coin has demonstrated full functionality during the “pilot” phase, it is time to move on to full-scale deployment.

President Putin also said that cryptocurrency mining in Russia needs to be regulated by law.

“Without free electricity, if it is ‘chosen’ by mining farms, new businesses, residential areas and social facilities will face supply disruptions and power shortages,” he said.

The Russian leader also stressed the need to make “correct, timely decisions, including systemic ones, at the level of federal law.”

* On the same day, Russian Deputy Prime Minister Alexander Novak announced that the country could sell liquefied natural gas (LNG) despite sanctions against the energy sector.

“Of course, since there is demand for LNG resources and global demand for them is growing, they will be sold and Russia will reach agreements with partners,” Novak told TASS on the sidelines of the Caucasus Investment Forum.

Deputy Prime Minister Novak noted that in the LNG sector “there will be difficulties that need to be overcome”.

According to him, the LNG market in Russia continues to operate successfully and develop, creating modern technologies. Moscow considers the recent sanctions of the European Union (EU) on the LNG sector illegal.

Russian Deputy Prime Minister criticized the EU sanctions, saying they would worsen the situation of the implementing countries and affect energy consumers in Europe.