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

Section:

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.

* * *

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:

https://cointelegraph.com/news/breaking-russia-issuing-cryptoruble



ADVERTISEMENT

A Network of Bullion Dealers Who Bid for Your Business

With a SmartMetals® account from the Hard Assets Alliance, you're always guaranteed the lowest prices for gold, silver, platinum, and palladium. When you buy bullion through your account, the alliance's network of trusted precious metals dealers launches into action -- and you’ll be shown the lowest price for your purchase. Also amazing is the low-cost storage available to you in six non-bank vaults around the world.

Click here to learn more:

http://www.hardassetsalliance.com/go/v34pm4/GAT



Join GATA here:

New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/wp-content/uploads/2017/07/NOIC2017_powe...

Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16