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 Russia will issue its own ‘CryptoRuble’ decided in closed door meeting in Moscow, according to the local news sources. So, what is these so called 'cryptoRuble' ?  Does anybody have an idea? what about the other cryptos in Russia? Is it starting to follow China?

Yes, sounds like it is official. The Kremlin has approved their one crypto-currency. The CryptoRuble will be a non-mineable altcoin, but it will be based on Blockchain technology. The idea of the Russian government, certainly, is to impulsionate the online market business, but being independent from foreigners
markets and exchanges. Is also a way of controlling the digital coin and avoid fraud and money laundering.   

They already have QIWI money, Yandex Money, WebMoney and even more electronic payments currencies. Why would they need the crypto rubble I don't get it. Only cause it has a blockchain? So what, blockchain makes sense in decentralized networks, it's the same old shit with centralized networks, why bother?

I call this bullshit, they already have centralized electronic currencies, I don't get why would they create another.

Wow, this seems to be official. I think this is a milestone in cryptocurrency. Also, many governments/businesses will follow suit.

Alas. Not what kind of know-how. Just went on the trend of China. In addition, 13% of taxes will be levied, it will not be trashed. All transactions will be tracked. Any transaction from the cryptoruble to the ruble will be blocked, if there is no proof of its official receipt. At the same Bitcoin who did not intend to resolve. This is such a sad song from the government. Believe nothing good will come of it.

In Russia, the Crypto-currency is not developed. And I do not think that this idea will be realized. It seems to me that these are just rumors. For me, the national currency is a very bad idea. Crypto currency should be decentralized

I believe it when I see it. I guess best case we'll see a government backed, Ruble version of USDT. Worst case it's going to be a Russian version of Microsoft Points.

Either way it will be interesting to see if and how they plan on allowing international CryptoRuble trade.

Appart from the coin having undesirable features (control, centralization and such), I think is not bad news. That will surely bring cryptocurrency awareness and likely be good for all of the crypto world..-

The banks and governments fear Bitcoin and decentralization - it's that simple  ;)

Maybe they want to follow China or just a coincidence. I think CryptoRuble is their own crypto currency. Maybe similar to bond that is being issued by the government.


This will be centralized for sure. Russia been paranoid lately about crypto. Maybe they will turn like China did. At the very end, they need to control everything so China decided to ban bitcoin ICO and closes exchanges. Russia on the other hand, don' want to wait for that situation. They don't want to threaten by crypto so they decided to put up their own coin to avoid scam and money laundering as well.

I have the same opinion on this one. National crypto wouldn't be different than national currency, i mean, only difference will be it is crypto, not paper money.
Whoever is going to use it should be prepared for taxes and lots of proving from where did that crypto came from.

Well, first it is going to be better than USDT.
Anything is better than a coin running on fractional reserve by god knows who...

It's going to be a coin that will have the same value as a ruble, fixed value, issued by the central bank, non-minable and who knows how the wallets and  acquiring coins  will work.
Probably there are going to be also unique addresses by user and you will have to identify yourself before creating a wallet.
I doubt they would allow any kind of anonymous usage.
So transfers might only be allowed between known addresses (and persons).

Where can we buy this cryptoruble? Did they announce anything yet? Is there a release date for it?

Another question is that Russia banned crypto related exchanges is one of the rumors spread around, is it true? Let's say crypto rubble is official and is introduced in Russia. How will it be traded? Like will it be listed on all exchanges or only Russian exchanges, and what kind of regulations would be applied to it? All of this sounds confusing at the moment. Let's wait and watch to see what remains to be a rumor and turns out to be a real fact.

The idea of a government backed digital currency based on blockchain technology is interesting. I think this is the form money will take in the future, at least in more developed countries. When the transaction costs are low enough for this to be worth it the government will definitely switch to it. To have every transaction logged like that is a great source of power, which I bet any clever government would want to have. Also they can help avoid financial crisis, unlike in a decentralized market where it's all demand and supply. If digital currency is to take over for cash we still need a regulatory system, or else it's gonna go bust.

I think Russia will follow more the concept of Japan rather than China in terms of why they will create the cryptoruble it is to me that cryptoruble is the same idea what Japan is doing in their own digital currency. The Japan digital currency is called J-coin, the similarity of these two digital currency is that it will be the same value as their own national money. But, the purpose of all government in the world is all similar that is to have the control.

government made coins are not interesting
the one are interesting are coins that countries will want to have control on, so they will buy secretly
early investors always win
and i am talking about ADA
its very important protocol, and as soon as they relize it, they will buy big amounts

I heard about that , i don't know if it's a good thing for the cryptocurency i hope it will not reflect negatively  :(.

^ I am suspicious of what they call "Cryptoruble" whether they will deliberately create "CryptoRuble" to fight Crypto or Bitcoin that has been circulating so they can control it??? hopefully will come out with an official statement from the Russian government.

I think they understood that it's better to create own cryptocurrency which they will regulate, as more and more people start using BTC and ALTs for there investments.

Sounds kinda stupid, maybe they're just looking to test blockchain technology within a centralized environment.

I think the purpose of cryptocurrencies is decentralization. If states (eg.Russia, China, Estonia) are trying to take out their own cryptocurrency, why not just use their current fiat?

And why we need some government coin? From what I read, they will NOT allow ordinary people to mine it and will have strict circulation. China is also considering doing the same.

They are NOT doing it to legalize cryptos, they are doing it to have another asset.

I'm suspicious with cryptocurrencies issued by governmentals. I can imagine this will benefit Putin's inner circle allot.

like a good idea, russia wants to be leader of this business for a long time.
I think this will be a good influence on the market

They dont have any other options every country they will follow them cause crypto is the future, even they believe or not .

All developed countries would rather realize the reality and importance of crypto currency so it would not be wonder if Russia introduce its own crypto currency in her country because every develop country cannot ignore the new era technology of the world . Russia is very much intelligent and technology believed country of the world so no doubt that Russia would participate in the field of cryptocurrencies.

I am highly skeptical of state sponsored Cryptos.  Seems like they would just be launching it for all the wrong reasons, like to monitor your transactions and have control of the block chain ... They'll probably make you register your wallet attached to your ID, so they can tax you on incoming payments.  Basically, the opposite of why people like Cryptos. 

I think it's not bad. Only the control will be. Early investors will get a lot of interest. If the Russian government is interested,it will be all right.

This is the first step only. There is a long way ahead. Putin says that crypto is fully virtual money without any real base. My only belief on russian hitech oligarchs who wants to minimized effects of financial sanctions and launder their money.

To me, the Russian policy looks like India with the idea of its own national cryptocurrency, though I doubt it will be decentralized and unregulated  8)

As soon as a political system / country / or similar is controlling a specified coin, I'll stay clear of it. I don't trust it and to me it won't be worth more then the paper form of the country

Sounds like cool project taken initiative by the government itself. The crypto based projects are taking really different turns now a days and they are forming as indifferent currencies everywhere. Look at the Russian now, they are trying to make a currency which will be solely used for their own national growth and on the other hand china is there who feared of crypto currency and then closed down everything.  At it's all about how you take the things around.

Not sure why people will be buying into a centralized coin when to sole purpose of having bitcoin was to take power away from institutions such as banks and governments. I will not buy this!

Putin green lights launch of the CryptoRuble
Published time: 17 Oct, 2017 10:59

Russian President Vladimir Putin has ordered the issue of a national cryptocurrency, according to Communications Minister Nikolay Nikiforov, after a closed-door meeting.
Read more

The minister said once the digital currency or CryptoRuble is issued other cryptocurrency mining will be banned and it will be entirely regulated by the government.

“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,” said Nikiforov.

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,” he said.

The national digital currency will be moved to international markets, according to the Russia's Deputy Minister of Economic Development Oleg Fomichev, stressing that there is no point in the currency circulating only inside the country.

“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,” he said.

https://www.rt.com/business/406960-russia-issue-blockchain-cryptoruble-putin/

The whole idea if cryptocurrencies us decentralization, why would I buy one offered by a central authority?

I think that CryptoRuble doomed to failure. Because Russia wants to control it, and control and cryptocurrency goods are incompatible

I think the Russian leaders simply follow the crypto trend. From crypto ruble is not mining, for its use need podtverdit your identity and you will pay taxes for its use! It does not fit into the concept of crypto. I think no one will use this coin. It is doomed to failure.

Cryptocurrency (virtual desentralisation) regulations project was announced in some telegram chats today. Project authors Ernest Bachurin, Ekaterina Kotova, Andrei Voronkov. Don't understand is it serious or not.

It is possible to be a leader without the participation of the GOV. Provide freedom and do not need to release crypto ruble.
I think, that is not good idea

As you put it "virtual decentralisation".
What is decentralised about a government issuing some crypto on some centralised blockchain.

Now we will see other countries doing same thing for their own currencies?

i think - yes. I spoke with Waves developer two weeks ago, they received many requests from national banks (all around the world), in order to launch nationality CC (cryptocurrency)

I'm in solidarity with a dude who said so about it:

https://twitter.com/Snaptime5858/status/919588628501843968 (https://twitter.com/Snaptime5858/status/919588628501843968)

I read the news, it's ruble+blockchain. No different from fiat, they only add blockchain onto it. Every transaction will be tracked, it's not cryptocurrency anyway.
the name is crypto-ruble, but actually it's not crypto.

I firmly believe that the government out there is trying their best to keep up with the trend and establish at least some kind of a position on the growing market as well as make some of that noise for the press to contradict the great amount of controversy in their policy towards most of the things the world runs around. I don't know, man. Bigger news is to be expected before one can make any judgements.

CryptoRuble, hearing it first time but if it is made for the Russia itself then people of Russia are going to enjoy the crypto a lot. They will have the government involved which means the crypto coin would be very famous and secure one to use. This will how ever limit the use as it's not being used for rest of the world. It could be positive in terms of not getting fraudulent cases or it could be worse by not having much of the investment. But it depends on what purpose they have been made.

I also wonder what will happen if all the nations have their own crypto currency, then what will be the role of bitcoin ?

I also wonder what will happen if all the nations have their own crypto currency, then what will be the role of bitcoin ?
[/quote]
Worst case for Bitcoin, it becomes the gold of the pre-crypto world. Highly regulated, not (that) easily tradable but still of value and also with intrinsic value due to moving large amounts of money fast and cheap (hopefully).

Russia will not allow mine CryptRuble ordinary people, in the same way as gold. For me CryptRuble is not crypto!

Whether its going to be successful or not, I still see it as a way to show those who believe that bitcoin does not have a basis forgetting the back bone of bitcoin itself which is the blockchain technology and for the Russian government to place reliance on something like this show some support indirectly for bitcoin and this alone is what is giving me joy although I see it as a quest which might be dumped soon because it won't be anything different from what the current fiat over there is achieving.

I suppose it's necessary to step forward to the future, but if they do something wrong it would be very hard to fix it in the future. Moreover people in Russia are mostly have bad financial education as I know. It would be a problem to make them use new type of money.

I'll bet those local news reporters were girls, honestly only girls could get inside a closed doors meeting, probably they offered a quickie to the guards :D I want to mine it, can I mine it?

Maybe worth speculating on, but statal "cryptos" make little sense otherwise, imho.

What is there to speculate.
The value of the crypto ruble will always be one ruble.

You're better off doing this on forex with rub to usd/eur/gbp pairs.


So if mining will not be affordable for little guys, bitcoin will no longer be a crypto isn't it?
75% of the world population can't afford to buy a s9 in one year of saving, do you call this mining for ordinary people?
It is based on the blockchain and it uses a type of hash it is a crypto.
Like it or not this is the reality.

Half of the shitcoins out there are 10-20% premined  or entirely premined and people still invest in them and call them cryptos.

the issue of cryptoruble shows that governments are recognizing that cryptos may cause them loose control. Minister Nikolay Nikiforov explicitely said: “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,” said Nikiforov.
But cryptoruble will not have the advantages of altcoins: 13% of taxes, transactions from the cryptoruble to the ruble will be blocked, if there is no proof of its official receipt.

https://www.rt.com/business/406960-russia-issue-blockchain-cryptoruble-putin/

CryptoRuble - laughing my ass off. Guys - its not gonna hapen or if it for some reason will, i`t ll be a joke.
Seriuosly - with the amount of bullshit happening in our country and the quantity of non professional people in government - its not gonna hapen.
All this hype about it - because of the upcoming election in 2018 - our dictators main topic for election will be crypto economy and crypto ruble. but just the talks.
He cant even use a computer.
The amount of corruption and burocracy in Russia will never give birth to a good product as cryptoRuble.
China will lead in this question.

CryptoRuShitcoin is pointles.Blockchain is for decentralization.

And this is almost 100% fiat crap wich will go to the hell more and more annualy like the paper Ruble does.

Yes, sounds like it is official.

Actually, I don't see CryptoRuble in any major news network. There is an RT article which is quite minor for such news, but I guess we may expect that they get info from the horse's mouth. The way it's worded is disgusting, launching government crypto while outlawing all other.

How are they going to ban "other cryptocurrency mining" ? lol...

I would be fine with paying 13% tax though. Still better than the almost 40% capital gains tax in some other places.

creating cryptorubble for internal use for Russian States has no market value to the other countries, although it goes thru  a blockchain, for a state controlled cryptocurrency, the essence of anonimity and decentralization lost the integrity of cryptocurrency concept. The Russian's CryptoRuble is pointless after all, i have no clue why they will try to do that if they  hvae an existing electronic payment system design for Russian state. Having CryptoRuble doesn't mean it can stop other crypto related trading in Russia.

This is interesting news but Im russian and I can tell you what: this idea wont be realize in this country, government wants to control crypto adn have own tax, but with such big corruption level it won't happen soon.

Well it seems good and look like official. Anyways i heard there's no way to mining this cryptoRuble so i think its hard to gain it. Its a new so maybe there's some few people are involve with it. Lets see in future what will happen.

i remember putincoin...

The authorities want to learn how to control the currency and wants to create their own coins, but I do not think that this will bring much success. Let's see what happens from this.

Russian news is making it's way on it and yes it's being officialized. This one crytocurrency, 'CryptoRuble' has been approved as well by Kremlin as I've heard. However, it has been said that this cryptocurrency cannot be used for mining. This altcoin has it's own use and capacity for the users. For Russia this is good to continuously expand their digital currency for their market and also for them to have a control of it.

This also a good opportunity for Russia to explore for on digital currencies.

Пpeзидeнт и пpeдceдaтeль Cбepбaнкa  Гepмaн Гpeф нe вepит в вoзмoжнocть coздaния нaциoнaльнoй кpиптoвaлюты в Poccии - кpиптopyбль. Oб этoм oн зaявил в интepвью пo "poccия 24"

This sounds absolutely ridiculous to me. I think that the Russians are trying to scam other people because their original "ruble" has lost all it's value.

They are probably just going to fine each and everyone with the full value that has been mined ( provable/on feeling).
The only upside is indeed the tax ;) Tho I prefer my own tax on BTC earnings, as my country sees it as investmentvalue thus taxxes accordingly ( approx 4%)

Damn, where do you live? And do you get the 4% tax rate regardless of how long you hold?

Oh, yes...this subject, today are in top...I don't know, but how can speak about it, when not decided
 allow cryptocurrency officially, or not...

lol, can't wait what will come out of this, if it will not be mined, then will the government mine the currency? I cannot comprehend a blockchain without mining... is that even possible? to make cryptocurrencies in an instant? I know tokens can. Is it a cryptocurrency if it's not mined? like ripple, was ripple even mined? I forgot... Then it's not a cryptocurrency is it? But why we consider ripple in crypto if it's not? Or is it, correct me if I'm wrong.

Well, we can speculate and throw rumours around all we want, but the fact remains that all the official word from Putin and the Russian Central Bank has only favoured a national cryptocurrency, and an intention to regulate exchanges and crypto. Nothing solid or permanent has happened so we can only wait. I believe that is what Russia is doing. Waiting. And learning. And then they will be ready to do whatever they want.

My idea: they will not ban Bitcoin, they will regulate heavily. And maybe launch a blockchain project, but not crypto.

seriously? I can't believe in that because it's pointless

As I have just mentioned in another topic it is normal process. The government have to take control upon the cryptocurrency sphere. Starting cryptoruble or prohibiting cryptocurrenvy there are two different version but the reason is one: regulation.

Well it will be a blockchain, there will be coin.
But everything will be centralized, but they wanna make an official coin a lot of possibilities arise with it!

CryptoRuble its shitcoin)) Because the Russian authorities are interested in controlling all citizens

well ye.. that is indeed the point many of us have already made here ;) There is no decentralization if the government is getting involved ;)

the coin its opensource or clossed ???
 some news?

there will not be any news for this year. This still dont understood what it will be and how it will be used. But intresting detail - it will not be connected to real rubles. So value will float.

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I think the crypto ruble will be a certain kind of official Russian ruble and is needed to control the cryptosphere in the Russian Federation. With its help, it will be possible to carry out a direct exchange of Bitcoin, ethereum and other cryptocurrencies to official rubles.

In Russia, they must first resolve the issue of legalization of cryptocurrencies, which should have been resolved in July, then in October of this year, but no law on cryptocurrency has yet been adopted. The question about its centralized cryptocurrency has been discussed there for a long time and it seems that it is the Russian Sberbank that intends to issue such a coin. Let let out. I think that this will not only not worsen the attitude to the decentralized cryptocurrency, but also vice versa, will increase the general interest in it.

As far as I understand, there is nothing of the kind today, because the economy today is clearly not in a condition to really function normally, because the situation as a whole is not very pleasant now.

That's right, everything needs to start from one person and then there will be the next one and keep going until everyone knows. And this is also the most exciting thing for investors in Russia, I hope this crypto is getting more and more developed  ;D

I read about CryptoRuble. Very little information. It is clear that Russia wants to become one of the most progressive, advanced and technological countries. But the release of CryptoRuble, I think, will not help it, because the state will regulate the cryptocurrency as a financial asset and tax it.

And what is this "closed door meeting"? Do you have any supporting facts? Where did you get this information?
Yes, rumors about a crypto-ruble have been around for quite some time. Perhaps, the QIWI platform will participate in this project. But there have been no official statements so far. And the law regulating cryptocurrency is not adopted yet (in Russia).

Russia is a great country with good and talented programmers. However, so many projects related to fraud from this country. I'd rather wait until the coin is traded on the exchanges.

Right, and for those who believes that Russia will be a friendly crypto country, you are wrong. For political reasons and as long as the country are not willing to give people enough leeway, I don't think they will be a welcoming country for crypto. Crypto rubble is nothing but a government sponsored crypto and I read that they are imposing as high as 30% tax if you owned one, so not very good for crypto enthusiast in that country.

As far as I understand, this whole story has subsided and today there is nothing new in this regard. Yes, today the cryptocurrency market as a whole has very large deviations from the rate we have set previously. People no longer believe in the market and it is not clear what to do with this.

Any update about this CryptoRuble? because i think we seriously need some big countries to take initiative in favor of crypto and that could end the long lasting bearish run.

I do not think that this info is real at the moment, because they would announce such a big thing. Nothing heard till now, but if it is true, it will give a huge push to the industry and Russia would become the first country with a national coin.

It definitely will follow the same pattern as Maduro's Petro ;D They will not be able to avoid any sanctions by using it

Cryptorubble or Petro, who really wants to buy these coins? They are not real cryptocurrencies, they are centralized and that is why they can´t be trusted by us.

It is unlikely that under the current political regime of Putin-Medvedev, the people of Russia will be given the right to freely use a decentralized cryptocurrency. There even their own crypto-ruble cannot be released, which will be completely under the control of the government. In the coming months in Russia, finally, they are once again going to enact laws on the legalization and regulation of cryptocurrency. First of all, you need to start with this. After that, it will be seen in which direction Russia is heading towards cryptocurrency.

Such news has been discussed for a long time and this can really happen, especially if the regulation process starts. But this process can generally kill the legalization of the cryptocurrency industry in Russia.

This is only news, Russia will not be able to start something soon, because the state does not support this idea!

Russia has been trying to develop various cryptocurrency projects for a very long time, but so far unsuccessfully!

I think it's just an unjustified rumor and nothing more. Russia today is very controversial about cryptocurrency and I believe that in the near future we are unlikely to see another outcome. The government of this country is not yet ready to introduce blockchain technology into our everyday life.

These are just words for which there is not even any beginning yet, and it seems to me that with words this will remain so!

A year and a half has passed, and the crypto ruble has not yet been launched. As the Russian proverb says - "... and buggy is still there ...". Moreover, officials of the Central Bank and the Ministry of Finance of Russia in every way counteract the implementation of the crypto-ruble and blockchain in the financial sector. In my opinion, it would be more profitable for Russia to invest part of the gold and currency reserves in Bitcoin. For example, 50 billion dollars. Thus, they would contribute to the growth of Bitcoin. Then a global hype would start again. Bitcoin cost would rise from $ 3,600 to $ 20,000. That's where they could make great money.

It seems to me that now there are far greater problems that require solutions. Of course, now many people are trying to study what is BTC and cryptocurrency in general, but for now this is not the most important thing.

I have heard that Putin admired Ethereum platform. It is good for Russians that they can deal with the cryptocurrency now. I also know that they are working out their own platform and altcoins.