Putin green lights launch of the CryptoRuble

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The details still remain unclear, but Nikolay Nikiforov, Russian Minister of Communications, has revealed some useful points. Fortunately, as the CryptoRuble is based on the blockchain, a state of transparency will exist, yet its features likely won't make this new state-issued digital currency appealing to digital currency enthusiasts. Exact facts are scarce, and most of the information comes directly from quotes from Nikiforov, although it is believed that once the CryptoRuble is introduced, all other cryptocurrency mining for coins such as Bitcoin will be banned.

Last month, the country created Ethereum Russia with ethereum cofounder Vitalik Buterin, and Finance Minister Anton Siluanov stated that plans were in the works to legalize cryptocurrency.

Russian Federation will issue its own official cryptocurrency, the CryptoRuble, capping months of speculation about the country's approach to the technology. As part of that government oversight, anyone in possession of a CryptoRuble would have to be able to prove where it came from, otherwise the currency would be assessed a 13 percent tax The same tax would also be applied to any earned difference between the price of the purchase of the token an the price of the sale. It is interesting to observe Russia's ever-changing attitude towards cryptocurrency, as not long ago, numerous negative statements against bitcoin and altcoins were made by highly-ranking officials of the country.

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In the near future Russian Federation will release its own cryptocurrency, called "scriptural". "They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries". The national cryptocurrency will also tightly controlled and regulated and will be used for tax purposes.

He added: "We should develop such a regulatory system on the basis of global experience that will make possible to make relations in this sphere systemic, definitely protect interests of citizens, business and the government, and provide legal guarantees for work with innovative financial instruments", he said. The news was announced at a closed door meeting in Moscow.

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