As per the reports of AIF, a Russian publication, president Vladimir Putin and some other important politicians of his cabinet had a closed doors meeting, conducted at the city’s Capital Club.

Reports say that during this meeting, president Putin made a significant decision of bringing a state backed cryptocurrency. The details of the meeting were broken out by the Russian minister of Communications and Mass Communications Nikolai Nikiforov.

Nikolai Nikiforov said in his statement:

"I so confidently declare that we will launch the "cryptoruble" for one simple reason: if we do not, our neighbours in the Eurasian Economic Community will do it in 2 months."

Cryptoruble is going to be considered a legal tender in the Russian Federation and just like other assets, national cryptocurrency will also incur personal income tax to its adopters.

Although minister spoke about the birth of national cryptocurrency, he also went on to add that "the creation of our own cryptocurrency should not be read as an endorsement, nor any effort to legalize decentralized cryptocurrencies like bitcoin".

Original Article

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