- Crypto-currencies are a means of circumventing US sanctions ie. they bypass the Anglo-American western centric SWIFT system. See:
Putin considers ‘cryptorouble’ as Moscow seeks to evade sanctions
Putin Adviser Says ‘CryptoRuble’ Will Circumvent Sanctions, Government Remains Divided
Venezuela oil-backed cryptocurrency to launch in days, government says
Venezuela launches OIL-BASED cryptocurrency – Petro, Angers US senators who accuse them of avoiding US sanctions
- Draft Law on CryptoRuble as Means of Payment Submitted to Russian Parliament
A draft law introducing the national cryptocurrency, CryptoRuble, as a means of payment in Russia has been submitted to parliament. “The amendments proposed by the draft law … codify the digital financial asset as a legal means of payment on the territory of Russia,” the document’s explanatory note reads.
The draft law was submitted by a Communist Party MP, Rizvan Kurbanov. It is specified that the currency goes by the name of “CryptoRuble.”
The document proposes amendments to the Russian Civil Code, which would make the CryptoRuble a legal means of payment circulated nationwide. The bill was submitted to parliament at the same time as another draft law aimed at regulating the mining and circulation of digital financial assets in Russia.
Russian President Vladimir Putin ordered the issue of a national cryptocurrency, totally regulated by the government, in November last year. The release of CryptoRuble (CRUR) would see all other cryptocurrency mining banned in the country, Communications Minister Nikolay Nikiforov said at the time. The financial operations involving the Russian cryptocurrency are to be taxed at the rate of 13 percent from the earned difference. Nikiforov also said the CryptoRuble will be moved to international markets.