Russia will release “CryptoRuble”

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This was reported by the Minister of Communications Nikolai Nikiforov.

According to the official, the state cryptocurrency cannot be extracted and will be released, controlled and maintained only by the authorities. The CryptoRubles can be exchanged for ordinary rubles at any time, although if the owner cannot explain where the CryptoRubles came from, a 13 percent tax will be levied. The same tax will apply to any earned difference between the price of buying a token and the sale price.

Nikiforov said: “I confidently declare that we are launching CryptoRuble for one simple reason: if we do not, then in 2 months our neighbors in the EurAsEC will”.

Although the announcement means that Russia will enter the cryptocurrency world, this in no way is a confirmation or legalization of Bitcoin or any other decentralized cryptocurrency. On the contrary, Putin recently called for a complete ban on all cryptocurrencies inside Russia.

Putin's statement seemed to contradict the previous comments of other ministers who seemed pro-crypto, but only with rules, as well as recent meetings between Putin and Buterin and others. Now, with the release of the CryptoRuble, the apparent contradiction became clear.