Russia Will Issue Its Own Official Cryptocurrency Named CryptoRuble


"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", Nikiforov said. 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.

Perhaps in response to these hazards, the state-issued CryptoRuble can not be mined, and will be issued and controlled and maintained only by authorities.

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Having earlier called for crypto currencies to be banned, Russian President Vladimir Putin has now officially stated that Russia will issue its own CryptoRuble using Blockchain technology. While details are light, it appears that CryptoRubles will be blockchain-based. Obviously this is to deter money laundering and currency manipulation; however, because the government doesn't want to put a full stop to those popular activities, undocumented CryptoRubles will simply be exchanged with a 13 percent tax. Notably, Nikiforov stated that Russia's cryptocurrency should use Russian cryptography to secure it. Additionally, if CryptoRuble's value appreciates compared to Rubles, the same tax will also be levied on the difference between the two.

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.

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"In the current geopolitical situation, the issuance and circulation of foreign cryptocurrencies in Russian Federation risks irreversible negative consequences for both Russia's economic development and political stability", AVANTI wrote. The president insisted that the central bank would not create any barriers to cryptocurrencies.

The new idea of the Russian government will help to improve the online economy of the country, not to rely on the third party for transaction purposes.

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Coincidentally, at the same forum Vladimir Putin had a meeting with Vitalik Buterin, Ethereum co-founder.