Russian Federation may launch its own state-issued cryptocurrency

Image by Alexandr Gromov

Nikiforov told Russia Today: 'I am so confident to declare that we will run CryptoRuble just for one simple reason: if we don't, our neighbors in the Eurasian Economic Community will do it in a couple of months'.

The minister said once the digital currency or CryptoRuble is issued other cryptocurrency mining will be banned and it will be entirely regulated by the government. The news was announced at a closed door meeting in Moscow. It will be issued, maintained and controlled by the country's authorities like ordinary currency.

The idea is to stimulate the online economy in a way that doesn't rely on foreign money markets or third party transaction brokers, and allows the government to closely regulate and track it. Nikiforov also reportedly said that if Russian Federation didn't do it, European authorities might beat them to the punch. A commission of 13% will also be levied if s/he wants to convert it into "regular" rubles.

He continued: 'When buying and selling a CryptoRuble, the rate will be 13 per cent from the earned difference. Fortunately, as the CryptoRuble is based on the blockchain, a state of transparency will exist, yet its features likely won't make this new state-issued digital currency appealing to digital currency enthusiasts.

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The decision is taken to discourage money laundering and tricks people might play to avoid a tax.

He added: "We should develop such a regulatory system on the basis of worldwide experience that will make possible to make relations in this sphere systemic, definitely protect interests of citizens, business and the government, and provide legal guarantees for work with innovative financial instruments", he said.

"Regulators of all countries have come to the conclusion that it is necessary to do a national virtual currency."

"Putin's statement seems to contradict previous remarks made by other ministers who seemed to introduce a virtual currency, but only with regulations, as well as the recent meetings of the Russian President with Buterin and others". It does, however, confirm Russia's previously expressed interest in blockchain technologies, like Bitcoin's rival Ethereum.

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