CryptoRuble: Russia’s own cryptocurrency
In a closed-door meeting in Moscow, Vladimir Putin, the Russian President has announced that the country will issue its own digital currency. According to the local news outlets, Communications Minister Nikolay Nikiforov has confirmed the launching of the state-controlled cryptocurrency. Named CryptoRuble, this cryptocurrency cannot be mined; instead, it’d be issued and tracked by the authorities, just like the conventional money. However, it would decentralize control and improve trust using blockchain.
NO MORE MONEY LAUNDERING
You can exchange CryptoRubles for conventional Rubles at any time. However, holder needs to pay 13 percent tax if he or she fails to provide proof of origin. This measure is meant to cast down any dirty tricks such as money laundering.
Although the time frame for launching CryptoRuble hasn’t been mentioned yet, Nikiforov believes his country obviously can’t afford to wait. He 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 idea of this cryptocurrency is to inspire the country’s online economy is a way so that it doesn’t need to depend on foreign money markets or third party transaction brokers, and the government can closely regulate and track it at the same time. The announcement of CryptoRuble is no way a legalization of Bitcoin or other decentralized cryptocurrencies, and there has already been a tight regulation on all other virtual currencies within Russia.
Originally published at thetechnews.com on October 16, 2017.