Russian Federation to Issue First State-Backed Cryptocurrency 'CryptoRuble'

Russia may soon issue its own official blockchain-based currency, the CryptoRuble

He told Russia Today: "I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don't, our neighbours in the Eurasian Economic Community will do it in a couple of months". As per the reports, Nikiforov states that the digital currency can not be mined and is instead centralized, with the Russian state being the sole issuer, making it quite different from the popular decentralized cryptocurrencies like Bitcoin and Ethereum. "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.

The CryptoRuble will be launched in the coming weeks and will be the only cryptocurrency legal to use for Russian citizens. The confirmation in local Russian news reports on it came from Nikolay Nikiforov, the government's minister of communications, but the possibility of it has been hinted at for months by various top-level officials. If there is a rise in value, the same 13 percent rate will be applied upon sale of the coin only on the difference in value. The ability to freely exchange the currency for hard tender suggests an official exchange is likely, alongside unofficial markets. Although CryptoRuble will be centralized, it does appear to be blockchain-based.

He added: "We should develop such a regulatory system on the basis of worldwide experience that will make possible to make relations in this sphere systemic, definitely protect interests of citizens, business and the government, and provide legal guarantees for work with innovative financial instruments", he said.

One might take this as the government tacitly encouraging and profiting from speculation and money laundering - but at the same time, it's a realistic way to keep the marketplace from devolving into a total melee.

Davenport & Co LLC Sold A Little More Wells Fargo & Company (WFC) Stock
Parsec Financial Management Inc.'s holdings in Wells Fargo & were worth $5,087,000 at the end of the most recent reporting period. Blackrock Inc decreased its stake in Wells Fargo Co New (WFC) by 0.97% based on its latest 2017Q2 regulatory filing with the SEC.

Mixed messages have emerged from Russian Federation on various existing cryptocurrencies.

The Russian government would track all the transactions dealing with cryptocurrency.

"Any cryptocurrency has its flaws. Cryptocurrencies usage, at the same time, bears significant risks, I'm aware of the [Russian] Central Bank's position", said Putin.

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