Russian Federation issuing crytocurrency version of the Ruble


Nikiforov said, "I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will".

The news, first reported by CoinTelegraph, cites local news reports, which in turn cite Nikolay Nikiforov, the Russian government's minister of communications. Instead, the government would be the only one able to issue, control, and maintain the currency.

The CryptoRuble does appear to be blockchain-based, however, which ensures a degree of decentralization and could help prevent things like online fraud.

According to Nikolay Nikiforov, the national cryptocurrency can not be mined. Obviously this is to deter money laundering and currency manipulation; however, because the government doesn't want to put a full stop to those popular activities, undocumented CryptoRubles will simply be exchanged with a 13 percent tax. A similar 13 percent tax would be incurred by transactions involving the buying and selling of CryptoRubles. This time, more details have emerged, indicating that the new currency will be centralized and can't be mined. He also mentioned that the efficiency of CryptoRuble will "streamline the payment of personal income tax", which would make the new currency legal tender in Russian Federation.

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As we reported earlier that Vladimir Putin has given a harsh statement against Bitcoin and other cryptocurrencies, which has caused a certain degree of decrease in the popularity of these digital currencies in Russian Federation. The president insisted that the central bank would not create any barriers to cryptocurrencies. This ties in with existing tight control of Bitcoin and other virtual currencies within Russian Federation.

"Regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency."

"Putin's statement seems to contradict previous remarks made by other ministers who seemed to introduce a virtual currency, but only with regulations, as well as the recent meetings of the Russian President with Buterin and others". It does, however, confirm Russia's previously expressed interest in blockchain technologies, like Bitcoin's rival Ethereum.