Published: Tue, October 17, 2017
Worldwide | By Gretchen Simon

Vladimir Putin: Russia Will Issue its Own Cryptocurrency

Vladimir Putin: Russia Will Issue its Own Cryptocurrency

CryptoRubles could be exchanged for Rubles anytime, with a 13 percent tax levied on owners unable to declare the source of their crypto coins.

At a closed-door meeting in Moscow, Vladimir Putin officially called for a state-run blockchain-based digital currency which will be called "CryptoRuble", according to local Russian publication AIF, first mentioned by CoinTelegraph. This time, more details have emerged, indicating that the new currency will be centralized and can't be mined.

The new idea of the Russian government will help to improve the online economy of the country, not to rely on the third party for transaction purposes.

Minister of Communications and Mass Media of Russia Nikolai Nikiforov gave a reason why Russia chose to introduce CryptoRuble.

Mixed messages have emerged from Russian Federation on various existing cryptocurrencies.

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Coincidentally, at the same forum Vladimir Putin had a meeting with Vitalik Buterin, Ethereum co-founder.

"I am certain to say that we will launch the cryptoruble for one simple reason: if we do not do it shortly, in two months' time it will be done by our neighbors in the Eurasian Economic Community", Nikiforov said.

Russian Federation may soon roll out its own state-controlled c ryptocurrency called CryptoRuble. It will be issued, maintained and controlled by the country's authorities like ordinary currency. There have been previous reports that Russian Federation was looking into creating its own cryptocurrency, though with Putin and his administration viewing cryptocurrencies in general as illegitimate replacements for Russia's official currency, there has been skepticism that it would go through with it.

The organization also said cryptocurrencies are often used as a payment tool on marketplaces on the dark net, for purchasing weapons and drugs, and can be easily used as bribes and for funding outlawed organizations, including terrorist groups.

Nikiforov said that legislative support for this document already has all the necessary - resolution of the government with all the regulations.

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