Vladimir Putin announced Russian cryptocurrency called 'CryptoRuble'
Russian president Vladimir Putin has announced that Russia will make their own cryptocurrency called "CryptoRuble". Russian ministry of communication Nikolaj Nikiforov announced that CryptoRuble will be overlooked and controled by the government and woudn't be option for mining it. There will be option for exchanging CyptoRubles into cash Rubles for free, but if owner can't explain how he got CryptoRubles, he will have to pay 13% when converting it to cash Rubles. That same tax will be aplied on any profit gained on CryptoRuble.
To sounds to me like more oppression is coming to Russian population. If government got control over it and you have to pay tax on every profit, well you will not have profit :P In one way, they can already convert CryptoRuble in cash Ruble by loaning money from bank called credit. Banks create that money from air and type it in your account at the moment when you ask the loan. After that you can exchange it for cash Rubles and of course pay interest which will be equivalent to 13% tax in this case. I know it is not similar, but what are CryptoRubles controled by the government than banks creating money from air in FIAT system of money?
13% tax for non-explained holdings is actually pretty attractive for launderers. Russia might become like Switzerland. Also the crypto-ruble is not meant to be an attack on Bitcoin but rather an attack on banks. There is an internal struggle between different groups inside the Kremlin. Putin is not the single power there, it's a myth. But the crypto-rouble looks like a good thing for Putin and the people, because the dubious russian banking system is weakened. It makes Russia less vulnerable against banking crises and foreign financial attacks, very clever.
Anyone could convert any Crypto into crypt-ruble and pay a 13% tax. So you still get to keep 87%, and technically everything is legal here, no illegal schemes come into play.
The 13% tax applies only if crypto-ruble is converted to regular ruble.
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