Russian President Vladimir Putin said Russia will issue its own official virtual currency, entitled the “CryptoRuble”.

According to CoinTelegraph, the news was revealed during close-doors meeting conducted this week in Moscow.

Communications Minister Nikolay Nikiforov, the same man who revealed Vladimir Putin’s innovative project, said the virtual currency will not be “exploited” by the state, but it will be issued, controlled and maintained only by the authorities.

The CryptoRuble can be exchanged with rubles at any time, but if the owner cannot motivate its origins, a 13% tax will be charged.

The same fee will apply to any difference between the purchase price and the sale price.

“I say with confidence that we are running CryptoRuble for a simple reason: if we do not do this, after two months our EurAsEC neighbors will do it”, revealed Nikiforov.

“Putin’s statement seems to contradict previous remarks made by other ministers who seemed to introduce a virtual currency, but only with regulations, as well as the recent meetings of the Russian President with Buterin and others. Now, with the statement on CryptoRuble’s release, the alleged contradiction has been clarified”, writes the CoinTelegraph.