Russia to launch national Cryptocurrency – CryptoRuble

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Nikolay Nikiforov, Russia’s Minister of Communications has revealed that President Vladimir Putin has given the Go-Ahead for a new cryptocurrency dubbed CryptoRuble, reports CoinTelegraph, claiming local news sources.

CryptoRuble
Russia to launch national Cryptocurrency – CryptoRuble

The Russian form of cryptocurrency won’t be as open as popular options like Bitcoin; the state would control it. However, they will use blockchain to enable decentralisation.

Regarding cryptocurrency mining which is a big concern nowadays, their won’t be any scope for the same in the case of CryptoRuble. The government would have complete control over how much of it is issued and circulated.

Exchanging Cryptoruble with regular money would be possible. But a 13% tax will be imposed if a person fails to provide the source from where he obtained the CryptoRubles. This is implemented as a countermeasure for money laundering.

Currently, there is no word on when will CryptoRuble arrive. But it seems it won’t be long. Otherwise, Russia’s neighbors might launch it in the next couple of months. “I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbours in the EurAsEC will,” said Nikiforov

Russia’s rollout of CryptoRuble doesn’t open gates for existing ones like Bitcoin or any other decentralised cryptocurrency in the country. Similar to China, Russia is also planning to put a complete ban on all cryptocurrencies on the Russian soil.