It was mentioned by CoinTelegraph some time back, and now if we believe AIF, a local Russian publication, Vladimir Putin officially announced its very own version of state-run blockchain based cryptocurrency by the name of CryptoRuble. He announced the “CryptoRuble” in a closed-door meeting in the Russian capital, Moscow. Last few weeks have been very challenging for some of the popular cryptocurrency in the Russian land due to banned cryptocurrency exchange by the government. This was done despite the increasing popularity and interest of the people for digital money.

Even after the announcement, there is no indication that the ban on cryptocurrency will be withdrawn by the Russian government. Nikola Nikiforov, the Russian communication minister also made it clear that the announcement of the new cryptocurrency will in no way lead to the withdrawal of ban on other digital currencies. So, if you have been hoping for the legalization of Bitcoin or some other cryptocurrency in the later time, you are totally wrong.

AIF reported that Nikolay Nikiforov said in the meeting, “I so confidently declare that we will 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,”.

Getting into a bit of detail, the new Russian cryptocurrency, i.e. “CryptoRuble” is not going to be a typical digital coin and won’t be available for mining. Just like the normal currency, the government will be the only authorized body to issue new CryptoRubles in the nation. Not only that, no one other than the government will be able to maintain as well as control the CryptoRuble.

People will be able to exchange the Rubles anytime they want. Also, there will be a 13 percent tax will be incurred on buying and selling of CyrptoRubles and for those who are not able to declare the source of the cryptocoins as well.

Nikiforov also added that the CryptoRuble will be a closed model which will have regulated the release of a certain volume. However, there are not many details available as of now since many other things are still in the development phase.

Putin

The main reason behind the popularity of blockchain-based coins is that they work on the decentralized model that make them unique. However, CryptoRuble won’t be running on the same model but will offer a similar type of security to the users. There was no specific date provided by the officials for when the CryptoRuble will be made available across the country. But Russia adopting the cryptocurrency is a big thing and will definitely revolutionize the blockchain cryptocurrency.