CryptoRuble Draft Bill in Russian Parliament: Not Decentralized, Not Private, 100% Cashless

Not Decentralized, Not Private, 100% Cashless - CryptoRuble Draft Bill in Russian Parliament by Rory - The Daily Coin

As we have been saying the bankers will not allow the absolute source of their power to be taken without a major fight. We have also been screaming the whole "bitcoin" and cryptocurrency scene that has developed over the past year or so was by design and part of a much larger "assimilation program" to get as many eyes as possible on cryptocurrencies as to create a global conversation. Well done!! Worked like a charm.

Way back in August 2016 we were one of the first alternative news sources that reported the development of the Utility Settlement Coin. This "coin" is for the specific purpose of central bank currency transfers and issuing currency to the populace. We also reported on FedCoin, similar to the USC but would be the actual mechanism used by the citizens.

We also have said central banks around the world would retain their power source by developing their own flavor or flavors of cryptocurrencies. We first reported, back in December 2017 El Petro coming to market the Venezuelan cryptocurrency. Not a serious threat, nor even a serious "currency" but it is a national currency being offered up to the world. Never mind that it's illegal, as determined by the Venezuelan Parliament, President Maduro is pushing forward.

Now we learn that Russia, large enough and strong enough to create a stir on the global stage, is in fact developing a CryptoRuble and is working with the BRICS nations to develop a BRICS cryptocurrency. 100% cashless and issued by the government.

Russian Parliament Receives Draft Bill for CryptoRuble Launch

On the 25th of January, 2018 Communist Party MP Rizvan Lurbanov submitted a draft law to parliament introducing CryptoRuble, the Russian digital currency.

The document’s explanatory note read “the amendments proposed by the draft law… codify the digital financial asset as a legal means of payment on the territory of Russia.”

The submission of the draft bill came after President Vladimir Putin ordered the issue of a national digital currency regulated by the government in October 2017. Russia will join China, Sweden, Canada, and Venezuela as a nation that announced plans to either launch or investigate a state-backed digital currency.

While there are many motivations behind Russia’s CryptoRuble, according to international news channel RT, Russian Deputy Minister of Economic Development Oleg Fomichev stated that Russia’s primary intention is to create “digital money in light of the digital economy.”

DIGITAL MONEY FOR THE DIGITAL ECONOMY

The legislation for the state-issued digital currency stated that the CryptoRuble would be “a digital financial asset (cryptocurrency) – an analog of the Ruble which has circulation in the territory of the Russian Federation, which is protected by cryptographic methods and used by participants in a distributed registry of digital transactions.”

Further, “the digital financial asset is a legal means of payment, [and will be] widely used and accepted as means of payment in [the] Russian Federation. Payments in the territory of the Russian Federation are [to be] made by cash and non-cash payments.”

The creation of CryptoRuble does not come as much of a surprise in Russia or in a global context. Over the past five years, several countries considered launching a digital currency. In 2015, Ecuador was the first country to launch a national digital currency while China in 2016 and Venezuela in 2017 announced the development of their digital currencies.

According to the official draft law, the users cannot mine the CryptoRuble. Instead, the government will issue, control, and maintain the digital currency. One can exchange CryptoRubles for regular Rubles anytime. However, CryptoRubles will require proof of origin such as a documented retail transaction. For any undocumented CryptoRubles, the individual will incur a 13 percent tax.

Going cashless is all about "ZIRP" - zero interest rate policy. Banks can not charge you for holding your funds in their bank - and therefore force you to spend - if you have the ability to remove your funds from the bank in the form of cash. If people can remove funds from a bank ZIRP will not work. Governments around the world are in debt beyond their ability to repay. The banks all collapsed in 2008 and have been walking-dead ever since. The only way to right-the-ship for the banks and government is to steal as much of our wealth as possible as quickly as possible. If the banks can charge us for the privilege of having our funds in their bank, well, that's a great day for the bank. Cryptocurrencies allow for this to happen with a cheering populace behind the change.

Let's not forget that Russia's biggest ally is China. China has been pushing their citizens towards cashless for a great many years. It will be interesting to see how much digital gold flies in China during the coming New Year celebration. In 2017 there was more than $14 million dollar equivalent that transferred hands using the WeChat app during the two week celebration. Just another example of how going cashless and 100% digital is being heralded by people around the world. Digital currency has arrived and along with it digital financial enslavement.