Russia Plans To Launch Its National Cryptocurrency Called “CryptoRuble”

Slowly, but yes, governments across the world are giving cryptocurrencies a place in their economy. Earlier, we heard about India in talks to launch their cryptocurrency called LakshmiCoin. Soon, there might be a Russian digital money called CryptoRuble as well.

Russia’s Minister of Communications Nikolay Nikiforov dropped the word that President Vladimir Putin has given a green signal to the new cryptocurrency during a closed-door meeting in Moscow, reports CoinTelegraph, claiming local news sources.

The Russian form of cryptocurrency won’t be as open as popular options like Bitcoin; the state would control it. However, they will use blockchain to enable decentralization.

Regarding cryptocurrency mining which is a big concern nowadays, their won’t be any scope for the same in the case of CryptoRuble. The government would have complete control over how much of it is issued and circulated.

Exchanging Cryptoruble with regular money would be possible. But a 13% tax will be imposed if a person fails to provide the source from where he obtained the CryptoRubles. This is implemented as a countermeasure for money laundering.

Currently, there is no word on when will CryptoRuble arrive. But it seems it won’t be too late. Otherwise, Russia’s neighbors might launch it in the next couple of months. “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,” said Nikiforov

Russia’s rollout of CryptoRuble doesn’t open gates for existing ones like Bitcoin or any other decentralized cryptocurrency in the country. Similar to China, Russia is also planning to put a complete ban on all cryptocurrencies on the Russian soil.

What are your views on cryptocurrencies? Drop them in the comments.

Also Read: The Pirate Bay Is Using Your CPU To Mine Cryptocurrency AGAIN
Aditya Tiwari

Aditya Tiwari

Aditya likes to cover topics related to Microsoft, Windows 10, Apple Watch, and interesting gadgets. But when he is not working, you can find him binge-watching random videos on YouTube (after he has wasted an hour on Netflix trying to find a good show). Reach out at [email protected]
More From Fossbytes

Latest On Fossbytes

Find your dream job