Russia To Ban Bitcoin?

This would have to be some earth shattering news from the cryptocurrency world, Russia is going to create the worlds first national Cryptocurrency, the CryptoRuble, and then ban bitcoin along with all other cryptocurrencies.

An article released on Russia Today states Russian president Vladimir Putin has given the green light for the worlds first national crypto currency, although apparently it seems like hes going to nationalize it along with banning the use or mining of all other crypto currencies such as bitcoin.

This move will make Russia the worlds first country to introduce a digital currency, and it will be competition with bitcoin directly. This could have massive implications on crypto coin markets and the future of bitcoin along with the the block chain in general.

He 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.

All the financial operations involving the CryptoRuble will be taxed according to the minister. The tax will also be applied to any appreciation in value.

When buying and selling a CryptoRuble, the rate will be 13 percent from the earned difference. If the owner cannot 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.

This mustn’t be a private currency, but the one, which is issued by the state, controlled by the state and enable to provide circulation of digital money in light of the digital economy.

Searching around the web there are no videos from the major media sources and only these statements have been released as of writing this article. Once more information is available i will post here, this will be interesting to see how it turns out for the future of bitcoin in Russia.

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