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President Vladimir Putin Endorses Russia's New Currency, the CryptoRuble

Russia Launching National Cryptocurrency

Russian Federation has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency. This time, more details have emerged, indicating that the new currency will be centralized and can't be mined.

He added: 'This mustn't be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy'. Russian Federation is going to mint a national cryptocurrency as quickly as it can. But others have condemned bitcoin and other cryptos, citing their risk to average investors and their decentralized nature.

The Russian government has made it clear that if a CryptoRuble owner can not account for where they got it, they will be subject to a 13% tax. The CryptoRubles can be exchanged for regular Rubles at any time, though if the holder is unable to explain where the CryptoRubles came from, a 13 percent tax will be levied.

Russian President Vladimir Putin said Russia will issue its own official virtual currency, entitled the "CryptoRuble".

Russian officials said the Cryptoruble will be taxed and the tax will be applied to any appreciation in value that occurs.

Nokiforov was quoted in local news reports as confirming the existance of the coin, or at least the plans for it.

Nikiforov said, "I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will". It is interesting to observe Russia's ever-changing attitude towards cryptocurrency, as not long ago, numerous negative statements against bitcoin and altcoins were made by highly-ranking officials of the country. Rather Putin had recently called for a complete ban on all cryptocurrencies within Russian Federation. "They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries". The online economy has made it hard and a concern for governments to collect taxes on an increasing digital sales industry. The news was announced at a closed door meeting in Moscow.