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Russia Introduces Its Own Cryptocurrency Namely CryptoRuble

Russia Introduces Its Own Cryptocurrency Namely CryptoRuble

CryptoRubleRussia is one of the very few countries that have not maintained a friendly stance with cryptocurrency. Russia’s President Vladimir Putin has banned the usage of cryptocurrency in Russia.

So it surprised everyone that Russia is planning to introduce its very own cryptocurrency earlier this week and it would be known as “CryptoRuble”.

Russia would be in charge of this new virtual currency, and it would be closely monitored by a government agency. The residents of the country would be able to purchase and sell CryptoRuble and exchange it for regular Rubles within the nation.

The people would have to pay the government a tax of 13% while converting from cryptocurrency to Rubles in the event if they are unable to reveal the source of CryptoRuble.

The residents would also have to pay 13% tax while buying and selling this cryptocurrency. Russians would have to pay this tax amount in addition to the earned amount that they have received through the exchange of currency. CryptoRuble would not be decentralised, and the blockchain would be modified by the government whenever it desires.


[ot-video type=”youtube” url=”https://www.youtube.com/watch?v=sniA2Jxu1ns”]

It means that the virtual currency would be manipulated by the government all the times. At the same time, it is highly unlikely that bitcoin exchange outside the country would be interested in accepting this new currency.

Nikolay Nikiforov who is the Russian Communication Minister made the following statement:

I so confidently declare that we will 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. It will, most likely, be a closed model with a certain volume of regulated emissions.

The central bank of Russia earlier this week stated that it is looking forward to crackdown all cryptocurrency exchanges as well as trading platforms that promote digital currencies like Bitcoin. Russia’s President is of the opinion that cryptocurrencies have the potential to become popular in the coming time, but they come with a lot of risks.

Vladimir Putin also accepted that the cryptocurrencies are being used in some different countries as a regular means of payment and for investment purpose. It now seems that Russia wants to take complete control of the cryptocurrency industry in their country and monitor all the transactions. Recently Taiwan and China have banned the usage of cryptocurrency exchange and ICO’s while countries like Australia and Japan are quite open and tolerant towards making cryptocurrencies as a part of the mainstream.

Russia Introduces Its Own Cryptocurrency Namely CryptoRuble
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Russia Introduces Its Own Cryptocurrency Namely CryptoRuble
Russia announced earlier this week that they plan to introduce their own cryptocurrency which will be named as the ‘CryptoRuble’ which surprised everyone.
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Ed Lamadrid

Ed Lamadrid

I'm Ed Lamadrid, a CPA, blogger and a forex trader. Welcome to Top10FX.net. Follow my website for the most trustworthy forex broker reviews and last minute financial trading news.

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