Russia Will Issue National Cryptocurrency 'CryptoRuble'

Russia may soon issue its own official blockchain-based currency, the CryptoRuble

Russian President Vladimir Putin said Russia will issue its own official virtual currency, entitled the "CryptoRuble".

Minister of Communications and Mass Media of Russia Nikolai Nikiforov gave a reason why Russia chose to introduce CryptoRuble.

According to the report, it will not be possible to mine the new virtual currency, which will be controlled and maintained by state authorities. CryptoRuble would be similar to Bitcoin, but would not share decentralized nature of other #Digital Currency.

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Russian Minister of Communications Nikolay Nikiforov has revealed that a state-issued cryptocurrency called "CryptoRuble" is set to be launched.

The minister also noted that the introduction of the cryptoruble will not legalize the use of Bitcoin and the likes, even though mining and using those cryptocurrencies now is not explicitly forbidden in Russian Federation. CryptoRubles will be issued and tracked by the government like regular currency, and users will be able to freely exchange Rubles and CrytpoRubles. Earned differences between the initial purchase price and the sale price will be subject to the very same tax. However, if successful, things will likely change in this regard, as the CryptoRuble could indeed end up being responsible for the birth of a major Russian-based online economy. Let the governments educate the people on the advantages of cryptocurrencies, the learning curve into bitcoin is then almost complete! Appreciation on the coins would also be taxed. The online economy has made it hard and a concern for governments to collect taxes on an increasing digital sales industry. 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. On the contrary, Nikiforov said that the creation of CryptoRuble will not translate to a legalization of Bitcoin and other cryptocurrencies.

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