Published On: Tue, Oct 17th, 2017

Russia to Issue First State-Backed Cryptocurrency ‘CryptoRuble’

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Russia has announced plans to launch a nationalized cryptocurrency called CryptoRuble, citing competitive advantage by being the first of its kind in Europe, and as state-controlled digital money in the light of an increasingly digital economy.
Russia has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency. 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. That Russia is taking these steps indicate a pressing need for governments to somehow financially oversea and realize returns from the digital economy.
After a recent closed-door meeting, Nikiforov stated:
I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don’t, our neighbors in the Eurasian Economic Community will do it in a couple of months.
A Taxable Currency

The Russian government has made it clear that if a CryptoRuble owner cannot account for where they got it, they will be subject to a 13% tax. The online economy has made it difficult and a concern for governments to collect …

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