First State backed Cryptocurrency in the works
Russian President Vladimir Putin issued and Executive Order yesterday for the creation of a Russian digital currency backed by the blockchain in what would become the FIRST cryptocurrency officially backed by a government. A quote reveals some reasoning behind the Russian governments bold move: "I so confidently declare that we will [soon] launch a cryptocurrency for one simple reason: If we do not, then in 2 months, our neighbors in the Eurasian Economic Community will do it."
China has not gotten along well with cryptocurrencies it's ban on ICO's earlier this year in efforts to clear a market rife with scammers. The People's Bank of China (PBoC) then banned exchange-based cryptocurrency trading, hurting mostly Chinese start-ups looking to use ICO's to finance their business. While China is still worried cryptocurrency could undermine the governmental control, Russia is embracing the new technology working to create the CryptoRouble which will be based on Russian cryptography. The Russian cryptocurrency will not be minable but instead will be regulated most likely by The Russian Central Goverment. Minister of Communications and Mass Media Nikolay Nikiforov also stated it will help to streamline their personal income tax system which Putin has recently ordered to be reformed. Read more on the CryptoRouble on Bitcoin News.
China's ICO Ban: Forbes.com
Putin Endorses Crypto Rouble: SputnikNews.com
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