CryptoRuble
My grandma finally left her small town in northern Minnesota when she was 82 and moved to Littleton. When I was 11 and long before cryptos I remember her telling me, quite unexpectedly and away from conversation at another conservative Thanksgiving, that the world would come to an end shortly after currency became digital. This was just one of the many biblical prophecies she brought to Colorado from the small rural church on a dirt road in Hackensack, and the only of which has me wondering if the cold winter had them onto something. My poor Grandma is already scarred from the Red Scare, and now I can only imagine the paranoia hearing Russia is the first nation to create a National cryptocurrency. Wait till that hits Fox news. Russia is the first country to attempt to regulate the digital currency market with the introduction of the CryptoRuble. Their reasoning, because they had to beat Eurasian competitors from doing it in the next few months. This sounds more like encouragement to increase National crypto ecommerce usage, regardless now we will see more National blockchain currencies being introduced. Russia is issuing a 13% charge on the CryptoRuble being converted back to Russian rubles which seems absurd but is comparable to and often lower than capital gains taxes associated with short term crypto trading in the US.
I will be interested to see whether or not Russia decides to promote applications through their national blockchain. As the the country is making efforts to ban all other cryptos I could see a high likelyhood in the promotion of state run applications through the blockchain network. Russia understands the necessity to transition and I am excited to see what other players are going to enter this market in the next few years and how the private and open source sector is going to surpass State run cryptos.
Russia is banning all other cryptos and this is obviously going to fail but their intention is clear: block the future of free and open-source media. The United States tried banning coins like EOS but fortunately our very own Navy developed a public and free technology that gets through the IP issue. The US will likely hold out on creating a national crypto and surprisingly may allow crypto transactions under $600 to be tax exempt. Loose laws in the United States and elsewhere around the world are going to make it difficult for the CryptoRuble to stay afloat because anyone who is using these coins knows how to get around the small barriers trying to tell them not to.Â
















