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More Signs Russia Is Serious About Cryptos - Crypto-Ruble Law Proposed

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There have been a slew of indictors over the last six months that the Russian leadership has made a top level decision to put the country at the forefront of the blockchain revolution.

The country is heavy on programmers, top political leaders with science backgrounds who are relatively young and digitally savvy, cold climate which lowers processing costs, and cheap energy.

Russia's embrace of the blockchain is reflective of a forward-thinking attitude among the elites which distinguishes them from their European and American counterparts who have the most to lose from the blockchain revolution.

From Zerohedge:

With legislation to regulate the mining and trading of cryptocurrencies still awaiting consideration by the Russian Parliament, one lawmaker has introduced a draft bill to create a national cryptocurrency called "the CryptoRuble."

The law proposes several amendments to the Russian Civil Code that will make the CryptoRuble a legal means of payment circulated nationwide.

In October, Russian President Vladimir Putin ordered the issuance of a national cryptocurrency - which many interpreted as a sign that Russia is warming to the new technology after initially seeking to ban it.

Many businessmen, including some with ties to Putin and his government, have sought to expand cryptocurrency mining operations in the country.

The document proposes several 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

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The CryptoRuble will also be promoted for circulation on international markets, according to Russia’s Deputy Minister of Economic Development Oleg Fomichev, who stressed the CryptoRuble is designed to become Russian “digital money in light of the digital economy.”

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