Russia Creates Its Own CryptoCurrency

Russia has been recently openly suggesting the idea of creating its own cryptocurrency, and it seems that Russia might be working on those ideas and turning them into reality. Communications Minister, Nikolay Nikiforov has confirmed the plans to launch a state-controlled digital currency.

The currency will be monitored and will use blockchain to decentralize control and improve trust, making it impossible to mine, and will be tracked like conventional money or currency. This will help Russia in boosting its internet economy without having to depend on other countries or third-party brokers.

You can exchange digital coins for conventional money but a proof of origin will be required, otherwise a 13% tax charge will be implemented to discourage, so as to discourage money laundering and other tricks.

There is no mention of a time frame yet for the launch of this cryptocurrency but Nikiforov firmly believes that Russia cannot afford to wait.

He states that if Russia does not introduce the currency then its neighbouring continents; Asia and Europe will make their moves after “2 months”. China has been cracking down on cryptocurrency in part because it witnessed the selling off of the yuan in exchange for bitcoins.

Image credit: Reuters

There are concerns that Russia would be profiting from fraudulent misconduct via the 13% tax, as if to say that so long as they pay the 13% tax, the government will look the other way on the laundering act.

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