President Vladimir Putin has given the Go-Ahead for Russia to launch its own national cyptocurrency. This was announced by Nikolay Nikiforov, Russia’s Minister of Communications has revealed that a new cryptocurrency dubbed CryptoRuble
CryptoRuble won’t be as open as popular options like Bitcoin but rather the government would have complete control over how much of it is issued and circulated.
With Cryptoruble, exchange with regular money would be possible. But a 13% tax will be imposed if a person fails to provide the source from where he obtained the CryptoRubles. This is implemented as a countermeasure for money laundering.
Currently, there is no word on when will CryptoRuble arrive but its speculated that it won’t be long. Russia’s rollout of CryptoRuble doesn’t open gates for existing ones like Bitcoin or any other decentralised cryptocurrency in the country. Similar to China, Russia is also planning to put a complete ban on all cryptocurrencies on the Russian soil.