A Russian payments firm is pushing ahead with a plan to release its own cryptocurrency, reportedly submitting an application to register a trademark for the initiative.
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 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.
that would prohibit money substitutes remains under consideration.
The developments further follow statements earlier this summer from Russian President Vladimir Putin, who entered the country's ongoing debate about digital currencies by stating during a television appearance that "there are serious, really fundamental issues related to its wider use, at least, today."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.