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CryptoRuble is coming

CryptoRuble is coming

Nikolai Nikiforov, Russian Communications and Mass Media Minister, has stated that Russia is planning to develop and produce its own crypto currency - CryptoRuble.

The minister has specifically noted that creation of such a currency will not mean that bitcoins and other crypto-currencies will be legalized. As for CryptoRuble, its emission and regulation will be completely controlled by the Russian Central Bank and Ministry of Finance, making its “mining” impossible.

The key issue is the taxation of operations with crypto currency. For instance, if the owner fails to explain the source of CryptoRuble upon its conversion to ordinary ruble, the convertible amount will be taxed with 13% personal income tax.

According to experts, introduction of  CryptoRuble in Russia is likely to take years, since blockchain technology, which is the basis for crypto-currencies, is far from being viable on a practical level in Russia.