Russia Will Issue Its Own Official Cryptocurrency, Behold the CryptoRuble

by Antonio Miles October 18, 2017, 0:35
Russia Will Issue Its Own Official Cryptocurrency, Behold the CryptoRuble

He told Russia Today: "I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don't, our neighbours in the Eurasian Economic Community will do it in a couple of months".

"According to the official, the state issued cryptocurrency can not be mined and will be issued and controlled and maintained only by the authorities".

Officials said that once it is launched in a few weeks time, all other cryptocurrencies will be banned in the country.

The Russian government has made it clear that if a CryptoRuble owner can not account for where they got it, they will be subject to a 13% tax.

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Upon exchange, CryptoRubles will reportedly require some kind of proof of origin, such as (presumably) a documented retail transaction or service rendered. The news got through from the Minister of Communications Nikolay Nikiforov. The same tax will apply to any earned difference between the price of buying a token and the sale price. Let the governments educate the people on the advantages of cryptocurrencies, the learning curve into bitcoin is then almost complete!

They can be exchanged for regular rubles at any time, though if the holder is unable to explain the source of their CryptoRubles, a 13 percent tax will be levied.

This tax will also be applied to any appreciation in value, although it's unclear how or if the coin will be tied to the fiat currency. It is interesting to observe Russia's ever-changing attitude towards cryptocurrency, as not long ago, numerous negative statements against bitcoin and altcoins were made by highly-ranking officials of the country. There have been previous reports that Russian Federation was looking into creating its own cryptocurrency, though with Putin and his administration viewing cryptocurrencies in general as illegitimate replacements for Russia's official currency, there has been skepticism that it would go through with it. Russia's interest, however, is likely in boosting its online economy without relying on third-party brokers and foreign currency markets.


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