Russia Will Issue its Cryptocurrency Called Cryptoruble 16.10.2017
Russia will issue its own crypto currency called cryptoruble. According to Nikolai Nikiforov, the Minister of Communications and Mass Media, the initiative of the project comes from the Russian President Vladimir Putin himself. The discussions about the cryptoruble were held during a closed meeting with members of the Moscow Capital Club.
The minister stressed that the creation of Russian crypto currency should occur as soon as possible. “I confidently declare that we will launch cryptoruble for one simple reason: if we do not, then in two months our neighbors in the Eurasian Economic Community will do it,” he said.
For efficiency of the cryptoruble, it is planned to set a payment of taxes on personal income. Accordingly, if the owner cannot explain the origin of his cryptorubles, he will pay a 13% tax whenever converting them into Russian rubles. When buying and selling a cryptoruble, the amount of the tax will be 13% from the earned difference.
Nikolai Nikiforov emphasized that the appearance of a cryptoruble would not mean that Russia plans to legalize Bitcoin and other cryptocurrencies. In addition, the cryptoruble will not have the option of free and universal mining.
Recently, talk about the status of the cryptocurrency has become more active in Russia, while the positions of various departments are often in opposition.
Last week, First Deputy Chairman of the Bank of Russia Sergey Shvetsov, speaking at a forum said that the Central Bank together with the Prosecutor General's Office is working to close the crypto exchange sites. The regulator of the financial market fears that the cryptocurrencies operate like a pyramid.
In the meantime, the Ministry of Finance wants to give Bitcoin the status of an asset (since revenues could be taxed). So, in September the Minister of Finance Anton Siluanov urged the government to recognize the reality and develop methods of interaction with the cryptocurrency world.
“Currently, at least five independent working groups and commissions on cryptocurrency work simultaneously in Russian state structures, which periodically make statements that contradict with each other on this topic. Probably, some certainty in this matter will appear after the meeting of Putin with Nabiullina and Siluanov, which is rumored to be held in the near future,” commented said a Russian analyst.
At the time of writing, Bitcoin is traded near the $5,637 level.