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The “CryptoRuble” is Born

Russia will begin to issue its own cryptocurrency.

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By Mason Mohon | RUSSIA

Russia Today reported on Tuesday that the Russian President Vladimir Putin has given the CryptoRuble the green light, which means that Russia will begin to issue its own cryptocurrency. Communication Minister Nikolay Nikiforov reported that the Russian government will ban all other cryptocurrency mining within the country, and the CryptoRuble will be regulated by the Russian government.

The minister reported that they have an incentive to run their own cryptocurrency within the next few months because if Russia doesn’t, their “neighbors in the Eurasian Economic Community will do it in a couple of months.”

The ruble will also have a flat tax of 13 percent. This tax will apply to all transactions and will also be applied to any appreciation in value. Nikiforov stated the following:

“When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total,”

Russia’s Deputy Minister of Economic Development Oleg Fomichev made it clear that the currency is not expected to stay within Russian borders, but rather is expected to be used internationally. He also emphasized its state control, seeing a full state enveloped cryptocurrency as high in utility.

This is not your run-of-the-mill cryptocurrency used for investing, tech, or libertarian/agorist activities. Rather, its full state control should urge users to be wary of the currency.

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