Friday, January 26, 2018

Russia's proposed sovereign cryptocurrency now in the legislature awaiting passage

On Jan. 25, a Russian legislator submitted a bill to legalize and legitimize the creation of the CryptoRuble.  This virtual currency would be one of the first sovereign cryptos established as legal tender by a government institution, and open the door for the banning of all other decentralized cryptocurrencies within their borders.

A draft law introducing the national cryptocurrency, CryptoRuble, as a means of payment in Russia has been submitted to parliament. 
The amendments proposed by the draft law ... codify the digital financial asset as a legal means of payment on the territory of Russia,” the document’s explanatory note reads. 
The draft law was submitted by a Communist Party MP, Rizvan Kurbanov. It is specified that the currency goes by the name of “CryptoRuble.” 
The document proposes amendments to the Russian Civil Code, which would make the CryptoRuble a legal means of payment circulated nationwide. The bill was submitted to parliament at the same time as another draft law aimed at regulating the mining and circulation of digital financial assets in Russia. 
Russian President Vladimir Putin ordered the issue of a national cryptocurrency, totally regulated by the government, in November last year. The release of CryptoRuble (CRUR) would see all other cryptocurrency mining banned in the country,  - Russia Today

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