Russian President Vladimir Putin announces the release of a state-controlled crypto currency called KryptoRubel, while Bitcoin & Co. have to wait for legalization. They wanted to join the Eurasian Economic Union.
According to the Russian Newssite AIF, Putin officially announced that Russia wants to issue its own “CryptoRubel”. The news was edited by the Russian Communications Minister Nikolay Nikiforov.
According to the Minister’s comments, the state of crypto currencies is not to be mended, but can only be controlled and authorized by an official body. This is intended to counteract the slipping of the state control of cryptic measures, especially with regard to criminal activities, money laundering, etc. According to the planned publication it should be possible to exchange the crypto rubles at any time against regular rubles.
In the event that the owners can not explain where their crypto rubles come from, a 13% tax is levied. The percentage is calculated on the difference between the selling and purchasing price of the respective tokens. Russia’s actions were justified by the fact that one is under pressure: “If we do not, one of our neighbors from the Eurasian currency union will get us within the next two months.”
The announcement means that Russia, like many other countries, is now opening up to the subject of crypto currencies and Blockchain technology. The release of KryptoRubel, however, is a highly regulated opening against Blockchain & Co., since it is by no means a legalization of cryptic stimuli.
On the contrary, Putin has recently expressed concerns about possible criminal activities and announced hard measures. The KryptoRubel is to be regarded as the only approved crypto currency in Russia, all other coins are to be forbidden.
It is precisely the positive remarks of Vice-Prime Minister Arkady Dvorkovich against the Blockchain technology and its decentralized organizational form that seem to be compromised by current developments.
The restrictive idea of a state control of crypto currencies contradicts the idea of decentralization and counteracts the self-controlled administration of a Blockchain.
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