Russia is ready to issue its own cryptocurrency: the CryptoRuble

[Raj426]

Nikolay Nikiforov, Russian Minister of Communication and Mass Media, informed to the local newspaper AIF that Putin has ordered the issue of the country's own cryptocurrency. The CryptoRuble.

The mystery is over. After weeks of comments form members of various Russian agencies, Russia will issue its own cryptocurrency known as the CryptoRuble. It will start as soon as the technology will be ready.

The CryptoRuble will be considered a currency of legal tender in Russia. Its supply will follow a closed model with regulated emissions. In addition to it, the virtual currency will not be able to be mined and will be subject to taxation.

“If the owner (of CryptoRubles) can not explain the reason of the appearance of the CryptoRubles, when converting them into Russian Rubles, there will be a 13% tax”, commented Nikiforov and cited by Bitcoin.com.

The Russian virtual currency will not be decentralized, as the other cryptocurrencies on the market. This feature will allow the government to control and reduce the possibilities of money laundering or criminal activities.

Governor Olga Skorobogatova, the Central Bank of Russia’s Deputy, commented in June that Russia was testing a national virtual currency and working with blockchain technology. “The creation of a national cryptocurrency stimulates the growth of non-cash payments and electronic payments, including, possibly, cross-border payment”, commented at a press conference for the Finopolis Forum.

 

[Qhoster.]

As long that will be under government control as long that would not be interested for other users to invest funds to. It can be successful only when go out of control.

 

[ETC_official]

yes. centralized cryptocurrency doesn't make sense. I don't think that many people will use it

 

[Zolin]

Now every country can develop its own cryptocurrency and nothing will work out of it.

 

[RBelkin]

It seems that I read that the CryptoRubles will not have open source code, emission will be controlled by government, it can not be mining?
If so, what's the point in it? Will the CryptoRubles be in demand on the exchange

 

[barc90]

Russian politicians do not understand anything in the crypto currency

 

[RBelkin]

Lads, unfortunately barc90 is right.

 

[Markus Sell]

Ethereum of Russia's crypto currency?

 

[2rbo]

Centralized cryptocurrency = oxymoron. It is not really good idea i think

 

[odensepok]

Russia is just using Venezuelan way to avoid sanctions with crypto currency(El Petro). Some sources claim that the executives of Russian blockchain technology NEM were involved in developing El Petro, so it is logical that now they have switched over to El Petro Russian edition

 

[Bitterom]

I have mixed emotions about this decision. I am glad that more people are entering cryprocurrency but i am also nervous that politicians are investing in it, which is not suitable for any business model. I hope we all can invest in harmony and not let politics destroy our beloved livelihood.

 

[Toros]

Its good to see a cryptocurrency been endorsed on an official level by a major economic country. The only issue is that whenever something likes this happens, politics always get in the way. And people refrain from investing where politics is a major game-changer.

 

[Haert]

This is very good news for all the cryptocurrency community. For a country like Russia to use its currency shows how far has the cryptocurrency market has gone. I hope that more countries will follow Russia and launch and utilize their own digital currency. What do you think?

 

[IcoFrendly]

It will be very strongly pumped currency for sure Once you will be able to earn at least and it is certainly a lot of money. Then it can be different, including its fall.

 

[jOPLER]

Crypto Ruble, that`s interesting! I wonder if many Russians will use it ) However, I don`t know much about Russians in this way

 

[filatov.yevgeniy]

It is possible to exchange your crypto to fiat in Elegro wallet. Never seen such service before. Amazing! The process is quick and easy. It is a pleasure to use this wallet for any purposes.

 

[Peter889]

Nabiullina said that, while it may mull the use of the gold-backed cryptocurrency, the central bank is against the use of cryptocurrency in Russia’s monetary system.
“We do not see the possibility that cryptocurrencies could act as monetary surrogates. Definitely not in this part,” she said.

https://www.coindesk.com/russian-central-bank-to-consider-gold-backed-cryptocurrency

So, the cryptoruble story was an hoax?

 

[bitcryp]

What’s the latest news about it?does anyone know anything about Russia's cryptoruble.

 

[Logmas]

What is the point of cryptocurrency that cannot be obtained and which will be completely controlled by the government ?!

 

[Peter889]

@Logmas,
less transaction time,
lower costs,
lower chances of manipulating data,
circumventing banks