Russia All Set To Barge Upon Privacy With The Centrally Controlled CryptoRuble
Olga Skorobogatova, the Deputy Governor of the Central Bank of Russia exclaimed in June this year that, “regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency.”The Deputy Governor also added that all the countries worldwide need to, “decide the issue of a specific time and maturity independently.” This statement was made by Skorobogatova at the St. Petersburg International Economic Forum (SPIEF) 2017 wherein an simultaneous interaction occurred in between Ethereum co-founder Vitalik Buterin and Russian president Vladimir Putin. No clear indication of the discussion topic of the later meeting was received however an RT report published in August suggested that Buterin has been working, “to adopt the blockchain technology in Russia.”
Russian local news channels recently brought to light the closed door meeting held in Moscow wherein president Vladimir Putin officially confirmed the issuance of “CryptoRuble”, an exclusive Russian Cryptocurrency. Nikolay Nikiforov, the Minister of Communications passed on news regarding same to news media. Various reports published throughout the year clearly pointed out at the vacuum created in the country’s cryptocurrency sphere which could only be filled in with an indigenous digital currency form. This was backed up when the administration imposed an illegal tag on all other cryptocurrency forms thus intensifying the demand for CryptoRuble.
In spite of much curiosity, clear specifications of this brand new cryptocurrency form was not released from the official level. However some reports suggested that CryptoRuble cannot be mined and will function under the control and maintenance of local government from a centralized level. Thus it will be an act of utilizing Blockchain technology rather than building a privacy protected cryptocurrency.
The CryptoRubles also can be exchanged with normal Rubles however in cases where the owner cannot provide valid clarification regarding its source, a 13% tax shall be imposed thereon. On occasions where the CryptoRuble’s value appreciates in comparison to Rubles, the differential figure will also be taxed similarly.
Also Read: Business Associations in Russia urges Govt to approve only domestic cryptocurrency – like CryptoRuble
“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.” quotes Nikolay Nikiforov .
Although this declaration means that Russia is preparing to become a part of the dynamic digital currency world, there is no clear indication about the authorization or assertion of Bitcoin or any other cryptocurrency form.
While Russian Ministry of Finance proposes to license cryptocurrency miners and tax mining income, the Central Bank of Russia calls for a nationwide ban on cryptocurrency exchanges, Russian President Vladmir Putin supports cryptocurrencies.
However the recent announcement made by Putin’s government clearly went against the standpoints made by other ministers who wished to go ahead with a pro-crypto agenda but only with imposed regulations. Such contradiction have ultimately been put to rest with the issuance of CryptoRuble.
Also Read: Dubai Government To Launch It’s Own Cryptocurrency– “EmCash”
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