END OF CASH: Russia Launches Own Cryptocurrency Dubbed the Crypto-Ruble
- END OF CASH: Russia Launches Own Cryptocurrency Dubbed the Crypto-Ruble
by BELINDA ROBINSON, http://www.express.co.uk/
VLADIMIR Putin has given the green light for Russia to have it’s own cryptocurrency – dubbed the CryptoRuble.
The move will propel Russia into the digital currency market and pit it against rival Bitcoin. Officials said that once it is launched in a few weeks time, all other cryptocurrencies will be banned in the country.
Russia’s Communications Minister Nikolay Nikiforov said the Government also plans to fully regulate the Cryptoruble. He told Russia Today: “I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbours in the Eurasian Economic Community will do it in a couple of months.
“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.”
Russian officials said the Cryptoruble will be taxed and the tax will be applied to any appreciation in value that occurs. The new currency will use Russian designed encryption in a bid for it to remain traceable.