Russian government launches CryptoRuble, plans to ban other virtual currencies

Oct. 20, 2017

The Russian government has launched its own virtual currency called CryptoRuble, and plans to ban all other virtual currencies after a few weeks. Russian President Vladimir Putin officially gave the green light for the cryptocurrency, according to a report by Express.

Oleg Fomichev, Russia's deputy minister of economic development, said the currency will be used internationally, but will be controlled by the Russian government. The CryptoRuble will also be taxed, and taxes will apply to any appreciation in value, according to the report.

Putin has in the past been highly critical of bitcoin, mentioning the risks of money laundering, tax evasion and terrorism financing. The Russian government has at times entertained the idea of punishing bitcoin users with hard labor.

Topics:Cryptocurrency, Regulation

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