Russia Reportedly to Issue CryptoRuble

Details remain scarce, but according to CoinTelegraph, citing local news reports, Russia's Minister of Communications and Mass Media, Nikolay Nikiforov, has revealed a few crumbs of information about the country's new digital currency.

In his opinion, the CryptoRuble will be issued quickly. While details of the technology used for the cryptocurrency remain scarce, Nikiforov added the cryptocurrency can not be mined. "I so confidently declare that we will launch a cryptor for one simple reason: if we do not, then in 2 months our neighbors in the Eurasian Economic Community will do it", the minister said.

The cryptoruble, effectively a cryptocurrency that will be legal tender in the Russian Federation, will also see certain adopters incur personal income tax. So, if the owner cannot explain the reasons for the holdings of his CryptoRubles, when exchanging them into standard Russian rubles, the tax on him will be 13% of the total. Additionally, if CryptoRuble's value appreciates compared to Rubles, the same tax will also be levied on the difference between the two.

The idea is to stimulate the online economy in a way that doesn't rely on foreign money markets or third party transaction brokers, and allows the government to closely regulate and track it. Nikiforov also reportedly said that if Russian Federation didn't do it, European authorities might beat them to the punch.

It seems that, for Russian Federation, the time to introduce a digital Ruble has come. The very same day, Russian president Putin spoke of "serious risks" with cryptocurrencies while acknowledging their growth in "becoming or have already become a full-fledged means of payment, as well as a means of investment" in countries around the world.

The cryptocurrency world also provides an opportunity for Russian Federation and its other allies to reduce reliance on the U.S. Dollar and other Western financial systems. That does away with one of the primary draws of cryptocurrencies, of course: some would say that the entire point of something like Bitcoin is to free commerce from the fetters of government-run fiat currencies.

Featured image from Shutterstock.

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