This is just the digital version actually of their national currency nothing more nothing less. And this can actually be a trend for many months to come until they would realize of the foolishness of such a decision. The big reason why we have cryptocurrency is to get away from the control and biases of the governments to do whatever they want to do at the expense of the people. When you have a cryptocurrency controlled by the government this can be a big joke and will end end as a mediocre attempt.

Will Putin hold an ICO for his new altcoin? That is not necessary since the government has the money. Instead they would just open it up for people who want to exchange their ruble to Cryptoruble.

Good luck, Putin!