Russia Plans ‘CryptoRuble’ Cryptocurrency: ‘If We Don’t Do it, Europe Will’

Read more on this subject: Blockchain
News Story Source: newsweek.com By Anthony Cuthbertson
Similar to bitcoin, the CryptoRuble cryptocurrency will be underpinned by a online ledger known as a blockchain. Unlike bitcoin, however, it will not be possible for people to mine the virtual currency—the process of confirming cryptocurrency transactions and adding their record to the blockchain in order to generate new units of the currency.

Local reports cited by cryptocurrency news website CoinTelegraph revealed that CryptoRubles can be exchanged for rubles, though a 13 percent tax will be levied if the holder is unable to explain where the CryptoRubles came from.

"I confidently declare that we run CryptoRuble for one simple reason: If we don not, then after two months our neighbors in the EurAsEC [Eurasian Economic Community] will," said Russia's Minister of Communications Nikolai Nikiforov.

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