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Russia, set to introduce its own official virtual currency

Russia, set to introduce its own official virtual currency

According to a report of the Russian daily Argumenty i Fakty (AiF) quoting the country's communications minister Nikolay Nikiforov, Russia will launch its own cryptocurrency, the cryptoruble, and fast.

Minister of Communications and Mass Media of Russia Nikolai Nikiforov gave a reason why Russia chose to introduce CryptoRuble. Unlike Bitcoin, Ethereum, LiteCoin, and other types of cryptocurrency that are all the rage these days, Russia's digital coins can not be mined. The news was announced at a closed door meeting in Moscow.

The idea is to stimulate the online economy in a way that doesn't rely on foreign money markets or third party transaction brokers, and allows the government to closely regulate and track it. Nikiforov also reportedly said that if Russian Federation didn't do it, European authorities might beat them to the punch.

"When buying and selling a cryptoruble, the amount will be 13% from the earned difference..."

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Rubles and CryptoRubles will also be interchangeable, with the Russian government allowing an equivalent exchange of the two at any time, albeit with a few caveats.

Nikiforov believes that the new currency will be issued in a short period of time. Although CryptoRuble will be centralized, it does appear to be blockchain-based. He also mentioned that the efficiency of CryptoRuble will "streamline the payment of personal income tax", which would make the new currency legal tender in Russian Federation. The 13 percent tax will be imposed on a holder of CryptoRuble if he/she failed to provide the sources of the currency came from, according to Newsweek. The president insisted that the central bank would not create any barriers to cryptocurrencies.

The idea behind the introduction seems to be to boost the country's online economy in a way that doesn't need dependence on foreign money markets or third party transaction brokers.

Recent reports indicate that Russian Federation is getting ready to launch its own digital currency, the CryptoRuble, thereby confirming numerous rumors about Russia's plans in the area of blockchain technology.


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