Russia Reportedly to Issue CryptoRuble

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.

Like this


16 October 2017
Significant Risk to This Apple Inc. Supplier
Following the completion of the sale, the insider now directly owns 70,358 shares of the company's stock, valued at $11,327,638. Barclays PLC reissued a "hold" rating and set a $146.00 price target on shares of Apple in a report on Monday, September 4th.

16 October 2017
Walt Disney Company (The) (DIS) Investment Decreased by Chesley Taft & Associates LLC
The stock of Grupo Aeroportuario dl Srst SAB CV (ADR) (NYSE:ASR) earned "Buy" rating by Goldman Sachs on Friday, January 22. Investors sentiment increased to 0.96 in Q2 2017. $47,906 worth of stock was sold by FALCON MICHAEL F on Wednesday, May 3.

16 October 2017
Mob attacks animal rights activists, two constables trying to rescue cattle
Asked about Nandini's allegations, DCP (South) Sharanappa said, "We will look into it and action will be taken accordingly". The locals say there was an accident involving the complainant's auto which resulted in the gathering of a crowd".

16 October 2017
Alabama the unanimous No. 1 in both polls
I did bump the Sooners back in front of the Tigers, they same spot they were in two two weeks ago before the mid-season losses. The only team that stands between Penn State and a No. 1 ranking is Alabama - which dispatched Arkansas on Saturday night.

16 October 2017
Leaked Poster Of Xiaomi Redmi 5A Reveals 8-Day Battery Life
This is also where we spotted the fact that the new device would have 8 days of battery life and would weigh in at 137 grams. The Xiaomi 5A leak has revealed many new features and specifications of the phone including its full metal body.

16 October 2017
Flipkart eyeing stake in online ticketing platform BookMyShow
Last month, Flipkart bought F1 Info Solutions, which offers fix services for mobile and electronics, for an undisclosed amount. Currently, Reliance Industries-owned Network18 is the single largest shareholder in BookMyShow with a 39 percent stake.

16 October 2017
Jinder Mahal Sends Official Challenge to John Cena for WrestleMania 34
Announced on the WWE Facebook page, Jinder Mahal will face Kevin Owens in a WWE title match during the upcoming tour of India. The tour is set to take place between the 8th and 9th of December, at the Indira Gandhi Indoor Stadium in New Delhi .

16 October 2017
Mesut Ozil will leave Arsenal in January - Martin Keown
In fact since arriving in English football no player has created more goals (42) or chances (407) than Ozil. The Gunners took the opportunity to send a message to their star playmaker's special day.

16 October 2017
WWE Announces Signing Of Mae Young Classic Competitor, More
Vice-President of WWE Talent Development, Canyon Ceman said: "Kavita Devi gave a strong performance at WWE's 2017 Dubai tryout". She will be competing with 31 other top female competitors from around the world in the first-ever Mae Young Classic .

16 October 2017
Gary Goldsmith, uncle of Duchess of Cambridge, 'punched his wife'
Last night a Metropolitan Police spokeswoman said: 'Gary Goldsmith was charged on Friday, 13 October with assault by beating. Kate Middleton's uncle, Gary Goldsmith , has been arrested for assault, police confirm to PEOPLE.