Putin Orders the Issue of Russia’s National Cryptocurrency – the Cryptoruble

Putin’s Executive Order

I so confidently declare that we will [soon] launch a cryptocurrency for one simple reason: If we do not, then in 2 months, our neighbors in the Eurasian Economic Community will do it.
Preliminary Details of Cryptoruble

Furthermore, the cryptoruble cannot be mined, the minister noted, adding that “most likely, it will be a closed model with a certain volume of regulated emissions.” Russia’s Central Bank advocated for a national cryptocurrency earlier this month. Deputy Governor, Olga Skorobogatova, said at the Finopolis forum of innovative financial technologies that the bank sees many benefits in a state-run cryptocurrency. Also among the supporters for a national cryptocurrency is First Deputy Prime Minister Igor Shuvalov, who said in August that a cryptoruble should exist.When buying and selling a cryptoruble, the amount will be 13% from the earned difference…If the owner can not explain the reason for the appearance of his cryptorubles, when converting them into Russian rubles, the tax for him will be 13% of the total.
Cryptoruble Is Not Legalization of Cryptocurrencies
Regarding the regulation of cryptocurrencies, the minister explained that:After the meeting with Putin last week, the regulators decided that Russia will regulate cryptocurrencies. The finance ministry is working with the central bank to draft a bill which is expected by the end of the year, according to Finance Minister Anton Siluanov. What do you think of the cryptoruble? Do you think it will succeed? Let us know in the comments section below.The creation of the cryptoruble would not equal the legalization of bitcoin and other cryptocurrencies. Russia’s cryptocurrency should use Russian cryptography.
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