Russia set to take on Bitcoin with its own 'CryptoRuble'

Having earlier called for crypto currencies to be banned, Russian President Vladimir Putin has now officially stated that Russia will issue its own CryptoRuble using Blockchain technology. According to communications minister Nikolay Nikiforov, CryptoRubles will be exchangeable for conventional Rubles and will be accepted by Russian banks. However, holders will need to pay 13 percent tax if they don't provide proof of origin, a measure intended to combat money laundering. The idea behind the introduction seems to be to boost the country's online economy in a way that doesn't need dependence on foreign money markets or third party transaction brokers.… [Continue Reading]