Russia's 'cryptorubles' won't be very crypto at all


This report evokes the old joke about how there were only two television stations in the Soviet Union: Channel 1, with government programming, and Channel 2, where a KGB agent told viewers to turn back to Channel 1.

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Russia to issue 'cryptoruble'

By Jon Buck
The Coin Telegraph
Sunday, October 15, 2017

Russian President Vladimir Putin has officially stated that Russia will issue its own "cryptoruble." He spoke at a closed-door meeting in Moscow, according to local news sources. The news broke through Minister of Communications Nikolay Nikiforov.

According to that official, the state-issued cryptocurrency cannot be mined and will be issued, controlled, and maintained only by the authorities. The cryptorubles can be exchanged for regular rubles at any time, though if the holder is unable to explain where the cryptorubles came from, a 13-percent tax will be levied. The same tax will be applied to any earned difference between the price of the purchase of the token and the price of the sale. Nikiforov said. ...

... For the remainder of the report:


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