The Russian government constantly changes its stance on cryptocurrencies. Thus, Bitcoin and various altcoins have suffered turbulent times in the past months. Last month, Russia announced that it would be issuing the “Cryptoruble”. This is its very own cryptocurrency which would be regulated by its very own authorities. Cryptoruble can’t be mined, but people would be able to trade the virtual currency with Russian Rubles. A little over three weeks later, Russia’s communications minister Nikolay Nikiforov restated that Bitcoin trade would never be legalized in the country.
Despite all of this, there still seems to be a healthy appetite for Bitcoin and cryptocurrency. Bank and financial institution heads are making interesting statements on the subject. German Gref, the head of Russian state bank Sberbank, believes that the acceptance of Bitcoin and cryptocurrencies by the masses cannot be ignored.
He stated: “Virtual currencies are a natural outcome of Blockchain technology. We may ban them; we may welcome them. It is trendy to urge people not to play with them. But they are a fact of our life. Protectionism is just the first reaction of the state. However, both the institution of private money and the states, which will dare to change the way currency is issued, will eventually find a place for cryptocurrencies in the economy.”
The fact that the Russian government intends to issue its very own virtual currency proves that global institutions are aware of the Blockchain applications. Because it’s incredibly difficult to tax and make profit off cryptocurrencies, Cryptoruble was born. And of course, the Russian government will also tax the profits made on the sale of Cryptorubles. This comes as a negative aspect for many, since it’s very different from what bitcoin offers. But bitcoin adoption is huge nowadays and a change of mind may come again, possibly quite soon.
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