Russia to issue own cryptocurrency

Russia is going to create its own cryptocurrency - cryptorubl. According to the Minister of Communications and Mass Media Nikolai Nikiforov, this is the initiative of Russian President Vladimir Putin, reports say.



"It's clear that we will launch own cryptocurrency for one simple reason: if we do not, then in 2 months our neighbors in Eurasian Economic Community will do it," Nikiforov said.



Owners of cryptorubl will have to explain the source they obtainined cryptorubl from. If the owner fails to present proper proof, then the tax for for exchanging cryptoruble to fiat will be 13%. All trades with cryptoruble will be taxed at 13% from the earned difference.



According to Nikiforov, this is not about legalization of Bitcoin and other cryptocurrencies. He also noted that Russian cryptographic technologies should be used in the Russian cryptocurrency.