Russia’s romance with cryptocurrency should make other countries jealous. Vladimir Putin, the president of the world’s largest nation, has publicly confirmed his country’s relationship with cryptocurrency. Apparently, Russia embraces all and everything cryptocurrency has to offer. According to a translation of Putin’s remarks on blockchain and cryptocurrencies (the translation was provided by Reddit user “dats_cool “) the president declared the benefit economies can have from being technologically and industrially diverse. He also endorsed blockchain and called it an “emerging industry” with numerous “use-cases”. Putin added that his country’s adoption of it is one way to “future-proof” its economy. Feel free to count the ways Russia is sending its love to virtual currencies.
1. Russia will issue the CryptoRuble
Russia is looking to make its very own official cryptocurrency called the CryptoRuble. Similar to any ordinary currency, the CryptoRuble will be issued by the government and cannot be mined. It will also not be based on a blockchain and can be exchanged freely. When exchanged, the CryptoRuble will need a proof of origin akin to a documented retail transaction – this is to avoid currency manipulation and money laundering. Any CryptoRuble that is undocumented will be slapped with a 13 percent tax.
2. Crypto trading on approved exchanges will be legal
The Russian Ministry of Finance created a bill that is set to make cryptocurrency trading legal on approved exchanges. The bill’s goal is to standardize the buying and selling of digital currencies. Plus, Bitcoin is set to be legalized with a few restrictions in place. According to the official publication of the Russian parliament, President Putin declared July 1 as the deadline for the adoption of the cryptocurrency legislation. The publication stated that two draft laws were developed on blockchain technology. Guidelines were also issued on Initial Coin Offerings while another draft was prepared by Russia’s central bank on crowd-funding.
3. You can buy a burger in Russia using cryptocurrency
Numerous restaurants and cafes all over Moscow are now accepting payments in cryptocurrency. Plus, Burger King Russia launched Whoppercoins – a loyalty program that allows users to trade and swap blockchain tokens. Customers will get a Whoppercoin for each ruble they spend. So far, a billion Whoppercoins have been issued. A Whopper burger costs 1,700 Whoppercoins. Alexander Ivanov, the CEO of Waves Platform – the company that worked with Burger King in order to create Whoppercoin – declared that Russia’s digital currencies industry is relatively new and still growing. Meanwhile, Dmitry Marinichev, Putin’s official adviser on Internet issues, declared that traditional currency as everyone knows it “is about to disappear”.