Tuesday, October 24, 2017

Russia Is Issuing Its Own Cryptocurrency – The CryptoRuble

The adoption of cryptocurrency in Russia has been the subject of heated debate over the last few weeks, with a variety of contrasting reports hitting press. This week, however, it finally looks as though we have some clarity and situation and the news is positive – Russia is officially creating its own cryptocurrency.
The currency, reported to be called CryptoRuble, is in the works and is going to be issued quickly and in very near term.
According to reports, Vladimir Putin had a meeting with some of his top economic advisers and decision was made in an attempt to help Russia get ahead (and stay ahead) of its neighboring countries in Europe.
Russia’s Minister of Communications and Mass Media, Nikolay Nikiforov, said this about the implementation:
"I so confidently declare that we will [soon] launch a cryptocurrency for one simple reason: If we do not, then in 2 months, our neighbors in the Eurasian Economic Community will do it."
The idea is to allow Russian nationals to pay their tax in Cryptoruble, with rates falling in line with the nations existing tax framework. The Russian tax system dictates that everybody must pay 13% on income and, once the Cryptoruble is in place, this 13% will be applicable to the virtual currency just as it would be fiat.
The above-mentioned Nikiforov also had this to say on the tax implications of the currency:
"When buying and selling a cryptoruble, the amount will be 13% from the earned difference…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."
As a final note, the Russian government has been quick to point out that the creation of this currency does not translate to the legalization of bitcoin and other currencies. CryptoRuble is going to use Russian cryptography as opposed to the existing cryptographic methods that underpin bitcoin and others.

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