Russian Federation may launch its own state-issued cryptocurrency

The live broadcast of the Direct Line with Vladimir Putin

Russian Federation has announced, via communications Minister Nikolay Nikiforov, that the country will begin experimenting with a nationalized cryptocurrency.

Nikiforov believes that the new currency will be issued in a short period of time. Some support the existing structure, and the government has backed several initiatives, including a mining operation.

The CryptoRuble won't be a typical crypto coin, as it won't be open for miners.

Last month, the country created Ethereum Russia with ethereum cofounder Vitalik Buterin, and Finance Minister Anton Siluanov stated that plans were in the works to legalize cryptocurrency. Instead, the government would be the only one able to issue, control, and maintain the currency. That does away with one of the primary draws of cryptocurrencies, of course: some would say that the entire point of something like Bitcoin is to free commerce from the fetters of government-run fiat currencies.

Russian officials said the Cryptoruble will be taxed and the tax will be applied to any appreciation in value that occurs. If the owner can not explain the reason for the appearance of his CryptoRubles, when converting them into Russian rubles, the tax for him will be 13 percent of the total'. The Cointelegraph reported the news citing local news sources.

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According to communications minister Nikolay Nikiforov, CryptoRubles will be exchangeable for conventional Rubles and will be accepted by Russian banks. In actuality, Putin as of late required total prohibition on all cryptocurrencies within Russian Federation. It is interesting to observe Russia's ever-changing attitude towards cryptocurrency, as not long ago, numerous negative statements against bitcoin and altcoins were made by highly-ranking officials of the country. "They have already become or are turning into a full-fledged payment instrument and an investment asset in certain countries".

And Mr Putin already has plans to make the currency worldwide.

Could a nationalized, centralized, government-controlled cryptocurrency work?

Bank of Russian Federation executives were allegedly present at the Putin meeting, according to news reports.

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