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Published: Wed, October 18, 2017
Global Media | By Abel Hampton

Russian Federation will release "CryptoRuble"

Russian Federation will release

"Putin's patronage of digital currencies might be good news for Russia, but it goes against bitcoin's founding principles and ideology", writes Kyiv-based Maheshwari, previously a Moscow resident and editor-in-chief of Russian Playboy.

Yet another Russian official has claimed Russia will launch its own digital currency.

#Vladimir Putin's administration called other foreign digital currencies (such as Bitcoin) illegitimate and made a decision to replace them with a blockchain this summer. Details remain scarce, but according to CoinTelegraph, citing local news reports, Russia's Minister of Communications and Mass Media, Nikolay Nikiforov, has revealed a few crumbs of information about the country's new digital currency. A similar assessment will be applied to any earned distinction between the cost of the purchase of the token and the price of the sale. "If the owner cannot explain the reason for the appearance of his cryptorubles, when converting them into Russian rubles, the tax for him will be 13% of the total". "If the owner can not explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total", he said. But apparently Putin feels different about a cryptocurrency that is overseen by the government.

In a meeting quoted by state news service TASS, Putin called for more regulation on cryptocurrency, and said Russian Federation should look to foreign regulators who have cracked down on such trading.

Russian Federation has done a remarkable U turn on digital currencies, from threatening to prosecute users for money laundering and terrorism to boosting the innovation as a replacement for the USA dollar.

In particular, the business group urged parliament to consider legal amendments concerning government regulation on the issuance and circulation of cryptocurrencies, noting a number of dangers associated with virtual capital. "Among these disadvantages are the lack of control over issuing and circulation, exchange rate unpredictability, insufficient security, anonymity and decentralization", Rakhman Yansukov, chairman of the business association, said. "At the same time, use of cryptocurrencies also carries serious risks".

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