Russia will launch its own virtual currency

To take the lead on its neighbors, Russia has announced the launch of its own virtual currency, the CryptoRouble. However, its operation will be closer to that of a conventional currency, issued and controlled by the state.

“I can say with certainty that we will launch the CryptoRouble for a simple reason: if we do not do it, our neighbors in Eurasec [the Eurasian economic community, which disappeared in 2015 but whose customs union is preserved] will do so. two months ago, “Russian telecommunications minister Nikolai Nikiforov said after a meeting with President Vladimir Putin on 16 October.

Unlike other cryptocurrencies, it will not be possible to “undermine” CryptoRouble. “Miner” is the act of lending the computing power of his computer to check and then register on a public registry (called blockchain) the transactions made on the network. This action is rewarded by the creation of new units; thus it is possible for everyone to participate in monetary creation.

The Cryptorouble will be issued to and controlled by =Russian authorities: this centralized operation will therefore bring it closer to a classic currency, adapted to the digital economy. Unlike other cryptocurrencies, it will not be possible to “undermine” CryptoRouble.

Nikolay Nikiforov said that the CryptoRouble will be exchangeable for rubles without cost, unless the owner is unable to prove its origin, in which case a 13% tax will be imposed.

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About the Author: Paul Wright

Paul grew up in a small town in Ohio. He studied history in university, graduated, and married his wife shortly after graduating. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central New Mexico. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children.

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