Good news in the cryptocurrency world- President Putin orders the issue of Russia’s national cryptocurrency – the Cryptoruble. Russian minister of Communications and Mass Media, Nikolay Nikiforov revealed the issuance and also shared some details about this new cryptocurrency.
After Russia decided to regulate cryptocurrencies, this new order of issuing the national cryptocurrency in the line is a great boost to the users of cryptocurrencies in the world. In a closed meeting of the members Mr. Nikiforov confirmed this according to AIF newspaper report on last Saturday.
According to Bitcoin News, Putin had a meeting with the top regulators in Russia last week. He provided instructions to the Central bank of Russia to avoid any barriers to the cryptocurrencies in Russia. Mr. Nikiforov confidently declared that they are going to launch a cryptocurrency for the simple reason that if they do not launch one in a couple of months, the Euroasian economic community members will do it.
Cryptoruble Details- (Preliminary)
Nikiforov believes that soon Cryptoruble will be streamlined with the payment of personal income tax which can help the new currency to become a legal tender in Russia. The current income tax rate in the country is 13%. According to Moscow times, Putin has also called for a reform in the tax system to boost the economic growth and according to the Moscow times, he ordered to adjust the tax code in the year 2018 and implement the code in 2019.
The minister also said that the creation of cryptoruble is not a legalization of cryptocurrencies including bitcoin. The regulators made a decision after meeting with Putin last week that Russia will regulate cryptocurrencies. According to finance minister Anton Siluanov, the ministry of finance is drafting a bill in collaboration with Central bank which is expected to come in the end of this year.