Bitcoin Forum

Russian is planning to have its own version of Bitcoin backed by the Sberbank.   

"Sberbank CEO Herman Gref has “agreed” on the development of a Russian national cryptocurrency with the country’s central bank.  Sberbank is Russia’s major state-controlled bank. In unofficial reports from local news aggregators, the so-called “Russian Bitcoin” will use Sberbank as its base and will be “the only cryptocurrency freely available for sale and purchase” in the country. “All other [cryptocurrencies] will only be available via exchanges or trading platforms,” the Telegram news channel DeCenter reports Friday."
https://cointelegraph.com/news/russian-bitcoin-will-be-countrys-only-freely-tradable-crypto-sberbank-ceo

What type of impact(s) will this have on the original Bitcoin?  Would the Russian Bitcoin survive?  Would the original Bitcoin be treated as a lower "second tier" crytocurrency in Russia or even in the world?  Would the original Bitcoin value goes down? 

What is your thought on this?

This doesn't gonna big impact, because already several countries have generated their own cryptocurrency for all transactions and trading needs. As a part Russia long back itself revealed that it's gonna use bitcoin's platform for making the financial structure perfect. So in one or other way it depends on bitcoin, that too for cross border transaction they cannot use their token. So an bitcoin incorporated service can be expected from Russia.

Won't have any effect because it is just a digitized fiat currency, it has none of the characteristics of Bitcoin beyond being their own "crypto" in name only. As such, it will have a minimal impact on Bitcoin as a whole, however there will likely be some benefits for Russian citizens because of this.

So to answer you questions; Nothing, maybe, no, no.

This future currency has nothing to do with bitcoin, this will be what all countries will do in the future, create a digital version of their currency. It will be a way to move the money through a blockchain, the process is faster and goverments can control all transactions. Bitcoin is another thing as it allows you to make anonymous transactions and not rely on banks, among other advantages. Therefore, the impact will be, in any case, minimal.

This looks a lot like Ripple to me.
I would bet that if the Sberbank ever run out of tokens, they'll hard fork like savages to add more.
What about the mineability of this ? I'm really curious to see what coin will they fork/adapt for their needs :)

Bitrubles, here we are  ;D

When many people interest on bitcoin, the value will increased , so IMO if Russian legalize bitcoin , I think the value will increase like it did last 25 May that cause by japanese's demand since their goverment legalize bitcoin officially.
Bitcoin is unique currency, I'm sure that it has unique way to make profit

I don't think so that this coin will have any effect on Bitcoin price now. I'm sure that those cryptocurrency aren't decentralized because government involve out there. This cryptocurrency will be same as typical crypto's and I don't see any special on it.

Yeah... other cryptocurrencies will only be available freely by just buying them.
Isn't that how everyone buys cryptocurrencies anyway?  So isn't this "only freely tradeable" crypto thing just clickbait nonsense?

There shouldnt be any impact. This RussiN BTC isnt even btc. It is just something they are doing digitally to lower their expenses.

It doesnt sound like they are having decentralized miners confirming transactions. Sounds more like a bamboozle to centralize currency more.

This changes nothing, i have been saying for some time that this is going to happen, for the average person having a cryptocurrency gives them no advantage, and for the user that truly know what bitcoin is about then they are not going to invest in a coin that will probably been able to be mined at will by the central bank and even if it does not begin like that the code can always be changed as they always do.

It boils down to "trust" ..... Do people still trust banks? We have seen what banks are capable in countries like Greece. Remember Bitcoin is not

controlled by one single entity. A Crypto currency has value because people place value to it.... they will not add value, if they know the

Government or some bank have full control over the supply and the access to these coins.  ;)

This will have no effect on bitcoin. It is just like another altcoin but backed by government and bank. I think russia have banned bitcoin before, so this move is not really surprising. Even if they ban bitcoin again after their own bitcoin is available, the effect to bitcoin globally will be minimal to nothing.

This is going to do nothing to Bitcoin, at all. If the Russian government is just going to make their normal currency into some kind of digital token then it changes nothing functionally and is just trying to keep up with the fad of having cryptos for the sake of it.
It blows my mind that anyone would use something like this when it's likely just going to be a more complicated fiat, but whatever.

there are at least 50 other news like this all saying "a country, or a bank or a financial group is starting their own blockchain based on bitcoin technology"
and they all mean 1 thing: they are making a centralized altcoin.

it is great since the technology is being used and the world is getting better, but it has nothing to do with bitcoin!

Russia however is getting softer about bitcoin ever since Japan did what they did.

Russia's own altcoin?  I guess that depends on how many people trust the Russian government enough to buy into a crypto that they control. I'm certainly not trading any of my BTC for any of it.

My first thought is that they want to use the technology for their own agenda, they will control it and be able to trace transactions and increase the supply whenever they feel like it. It sounds like the opposite of what Bitcoin is supposed to be.

It is wrong to treat any such cryptocurrency as "bitcoin". It will be just another cryptocurrency independent and different from bitcoin. Just because you dance good and I name you "Jr MJ" won't make you Michael Jackson. Every cryptocurrency has its own vision and they are different from each other.

I think impact of these altcoins which are like national currency, only increase Bitcoin users / enthusiast . I think that crypto world just need more people involved in it.
And if goverment/ country make new crypto currency more people starts asking about it. And sooner or later they will come to BTC.

I'm really curious how this thing will work, and why would bank even try to make this if it doesn't have any profit. So probably this won't be really good/ fair crypto currency. But let's wait and maybe we will be suprised. Banks have most knowledge about economics and they can help crypto currencies a lot (my personal opinion). But it's like doing suicide. :D

It wont affect bitcoin

Whatever coin/crypto government and banks will develop will be completely centralized with no respect to personal privacy which is just opposite to what bitcoin have. Also privacy and decentralization is key for bitcoin success so I don't think any of such centralized coin can make any effect on bitcoin market.

An alt-coin from a totalitarian dictatorship. Sounds legit.  ::)

this is strange really, because they said that they were to adopt bitcoin, and regulate it like japan, i'm wrong? now without any reason they go out with this boring thing about their own coins, which is not best than their rube fiat currency, i think russia is still afraid about the impossibility to control bitcoin, and want to make their own like many were trying in the past and failed, why they can't simply join the party like japan?

So, what we have here is simply another take on centralized altcoin controlled by government/central bank. Nothing new and nothing unexpected.
It was only a matter of time when every country would like to create their own crypto. Australia and China are investigating this concept already.
Word of clarification - this coin won't be bitcoin and won't be related to bitcoin in any way - it will be just another altcoin.

So the selfish/greedy bug coming from an authoritarian regime has finally caught the fancy of Russia. Now, there had been attempts like this in the past but sadly they were not so successful...the more government will do this the more people will realize that they need Bitcoin and not those fake alternatives offered by centralized governments. The effect is nothing, wala, nada, zero.

i think if the coins can give us more profit when we doing trading then i think its no problem for us because our selecting coins will increase so it will give affect to our profit too. i think it will be a good news for crypto currency world because the coin will have a chance to be big like the other coins. i think there is no chance that this coin will defeat bitcoin position but it will compete with other coins to reach higher positions.

Yeah, I won't invest a dine on the Russian Bitcoin; I will stick with Bitcoin.   ;D

Yeah but I guess not enough evidence with the Russians I guess it is more like japan is owning the bitcoin if Russian own the bitcoin they will adopting it in there own country and use it as there own currency so I don't think that Russian own the bitcoin at this point.

Adopt =/= Regulate

Russia was exploring ways to regulate bitcoin which is very different from adopting. The country's central bank governor even told herself that she sees "doubts" over the benefits of Bitcoin and even questions whether it should be considered a virtual currency at all and that Bitcoin is more like a digital asset rather than a currency. So this is the way it should be thought about with regards to regulation.

They don't "support" Bitcoin at all. They just want to make sure there is any way to control the coin even if that's not completely possible and maybe tax bitcoin purchases.

“[Digital currencies] should be regulated, because volumes are increasing compared to the previous year. If people are engaged in this, they have to pay money for it, and we have to have a clear understanding of how to control this activity,” said Skorobogatova.

https://bitconnect.co/bitcoin-news/583/russian-central-bank-plans-to-legalize-and-tax-bitcoin-as-digital-commodity

By all accounts, this will be a centralized coin. A "national virtual currency". Expect more countries to jump on the bandwagon and create their own coin.

This will nothing like bitcoin, It will be the blockchain/cryptographic version of the Russian rouble, controlled by the Russian central bank and the government. Nothing more.

The most important thing in creating crypto coin is how you are going to attract people to used your coin, if the coin that created by the Russia government only rotate among its citizens then it will be the same function as fiat, and if it wants to become a global currency, it need to attract people to used it, and most of the people will choose bitcoin rather than other coin, some country already try to make the similar thing but they are failed, because the users prefer the coin that is free from control

What coin is this even talking about? it has a name yet?

/ curiousity

Misleading title. Nice clickbait.

I don't understand why banks think this any different than fiat. It's just fiat 2.0 and it has the exact same problems as fiat.

Doesn't matter, Russia's own bitcoin isnt the original bitcoin at all. In fact it's not even any sort of fork from bitcoin as I can assume that their cryptocurrencies will be completely centralised, as opposed to bitcoin being at least semi decentralised.

A lot of other countries are planning on doing g the same thing too, for example the central bank of China seems to be interested in the prospect of developing their own block chain as well.

They can make an copy paste currency like bitcoin but i guess this wont be popular or will have a big impact in the market cause no one wants to own an digital currency that is controlled by banks that has some regulations in terms of using it but this is a good sign also that countries is starting to get interested in the world of crypto currency.
Bitcoin has achieved more and the price will continue to soar up despite being an decentralized currency, has any centralized altcoin out there have manage to surpass BTC for example ETH ?
ETH still in the $100 despite being popular and centralized, the point is centralize digital currency will be always behind BTC because people wants to use a currency that is not over regulated by governments.

Impact: NONE.  And you know why?  Because Russia's coin will be just another bitcoin in disguise, and it'll worm its way to the black markets and so forth, just like bitcoin.  But hey, more power to Russia for adopting blockchain tech.  It's the way of the future, and they don't grow them stupid over there.  They may be slimy scammers, but they're not stupid.  But their coin won't be any different than doge or ETH or what have you.  Maybe it'll be more stable, which is a property that crypto sorely needs, but doubtful that bitccoin itself (the mother of all crypto) is going to be affected.

Yup.  I would not trust for a second ANY national crypto.  Especially from Russia or any other dictatorial country.  Who would?

I'll stick to Bitcoin, as it appears to be sufficiently safe, at least for now, from too much government meddling. 

Governments seizing Bitcoin would be diagnostic of enormous other problems...

Who cares what a country is doing really? are they going to use sha256 and let everyone to freely mine the coin? if yes then we already have bitcoin and LTC and a couple thousands of other coins, if it's not like that then what is the point of announcing it? it's not like they are going to allow me or you to mine that coin, a state issued cryptocurrency is nothing like bitcoin at all. you could see the impacts of thousands of other coins to bitcoin nothing significant.

No effect, just another alt-coin but contralized.  No real value to me. No effect on Bitcoin valuation neighter !

There is no effect that can be  reflected in bitcoin because bitcoin has its own community and supporters and it is  not depending in the other type of organizations that promotes centralization so even russia make their own bitcoin they can't still overcome bitcoin because bitcoin already prove itself a lot of years passed.

Nope , they didn't say that once...

It was all a hype by some idiots who open threads without reading the news.
Forget the crap from coinnews coinhype fakecoin blogs.

https://www.rt.com/business/390608-russia-bitcoin-cryptocurrency-central-bank/


http://www.cnbc.com/2017/06/01/bitcoin-russia-regulation.html


This is what happens when people live in ponyland

I think that if enough of those centralized government created coins , eventually people are going to realize how much better bitcoin or any other alt that is decentralized are, so this may have the opposite effect than the one they are looking instead of people using the centralized coin, people are going to want to use bitcoin, thanks to all the good characteristics bitcoin currently posses.

They can take those freely available to buy and sell coins and shove it up their white and sorry asses mate for

All I care, right now dollar being in digital form and on the move between banks across the world is affecting

Bitcoin in a negative way? you are missing what is important in crypto, no government adoption and opposition

Should affect a decentralized system. any coin called something other than BTC will run a different blockchain

And will have a different market, I don't see the relevance here mate.

I think there will be no problem here about Russia making another cryptocurrency/altcoin. Many countries done the same thing and it's effect is just the people are more in favor of using bitcoin. That is right, these digital currency that will be made will be surely centralized, after using a decentralized currency, I think they will be confused.

To my mind this step from russia means something inportant because they wouldn't do such thing for nothing and especially when their major state-controlled bank plays important roll. To my mind their coin will have important affect on bitcoin and it's price but really can't imagine how will price go. Maybe they will manipulate with their coin's price and that's why they want their coin and also good way for their goverment for dark transactions.

Ha, ha, ha, that s such a stupid idea. These controlled state interventions have never achieved any success anywhere in the world. Look at socialism, look at North Korea. You cannot force people to use artificially created cryptocurrency, especially state owned and created.

It takes away all beauty of decentralisation and privacy. Big time failure, wouldn't not touch it with a stick. Also, will definitely have no impact on BTC. Russian BTC market s not that big anyway.

Other countries that have tried it have failed woefully and not only that, they have even succeeded in promoting bitcoin more and I have a feeling that the case of Russia won't be an exception. They really need to understand the reasons behind bitcoin which is largely because it cannot be controlled by government. However, my fear is that Russia as a formidable country might ensure force by banning bitcoin in other to increase the acceptance of its own which might have effect of bitcoin  price.

I guess any countries are free to create their own digital currencies and that would only impact their own monetary supply.  It is like printing new money or exchange the paper money with the the digital counterpart.

Really?
If we take the word crypto out of this 6000 years of human history have told us that you can pretty much force people to use a centralized state owned and created currency.

And North Korea , as sad as it is is a genuine example of what you can do to the people for nearly half a century without consequences. What is worse is that some are really happy with it.



Nobody gives a damn about what Russia will do against bitcoin.
With an economy the size of Netherlands they can try whatever they want.

Economically they are nothing in this world.

I think its going to like the changes done in japan for crypto currency legalisation same going to happen here . If any country owned crypto currency  is using it ultimately benefit bitcoin

Many have tried and most are fail attempts, maybe Russia will be first one that will succeed in complete it. This will not influence current development and price of bitcoin but if they finished and even if they finished this will still not effect bitcoin in any way.

Maybe this isn't such great news as the name of countries that want this but still final product wont influence much in BTC price.

Just read two news articles today  - one regarding Russia and one regarding China, that they are interested in Ethereum.  If they use Ethereum blockchain to run their R&D crytocurrencies, it will boost the demand and, therefore, price of Ethers.  This may cause investor to move from Bitcoin to Ethereum.  But if they decide to use their own blockchains, then no effect will have on Ethers.

https://www.bloomberg.com/news/articles/2017-06-06/putin-eyes-bitcoin-rival-to-spur-economic-growth-beyond-oil-gas

https://www.nigeriatoday.ng/2017/06/researcher-from-chinas-central-bank-discusses-an-ico-regulatory-sandbox/



 

No there is surely no chance it is even going to reach as close as price of bitcoin nor it is going to give any sort of competition to bitcoin as it is been made by a bank who may now claim that they won't control the price , but there is no chance that they won't do it. Bitcoin is independent and has already proved that no one can control it , and we already have many bitcoin alternatives which we named as altcoin , so this new crap is just another altcoin

Actually, I was thinking the same before, but after I do enough research and reading about it, I found that Ethereum technology is quite demanding. 

They fixed the scaling and speed problem which Bitcoin is facing right now when it forked a year+ back .  Their blockchain can incorporate "smart contracts".  Many big companies are working with Ethereum right now and they need Ethers to fuel the blockchain process for their transactions.  Here is an article regarding that:

http://fortune.com/2017/02/28/ethereum-jpmorgan-microsoft-alliance/
"Thirty big banks, tech giants, and other organizations—including J.P. Morgan Chase, Microsoft, and Intel—are uniting to build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency...."

As bitcoins and Ethers are somewhat subtitutes, Ethers may pull some market share away from bitcoins and slow down its demand and the price increase.

Just my 2-cent.

Weither it works or not it still brings some oride to the people and I think it's a good idea and a step towards the future. Even entire countries realize the potential of the blockchain. Why use fiat when your country can have a digital currency ? It will be very interesting to watch and see what becomes of this.

Agreed.  I think having more countries participate in the crytocurrencies will increase their people's awareness on Bitcoin as well.

Not just that it will come to that it will go more demand for bitcoin with this in mind, price for one bitcoin will go up with certain percentage of demand. This will be good for us and effect will be good for bitcoin and crypto community.

Russian crypto currency would have no impact on bitcoin as bitcoin does not depend on Russia for its survival and bitcoin is universally accepted.Already,some countries have created their crypo currencies,but nothing could match with bitcoin.

I do not think there should be any new bitcoin, do not let the original bitcoin value become weak because of the new bitcoin, maybe if left later it will appear bitcoin from other countries also.

Bitcoin is getting centralized a bit from those exchanges that are requiring many different verification proof such as ID, proof of address, bank statements etc, in these way they are able to identify which users are sending money to x address or x exchange.

Russia can't own bitcoin and never can because bitcoin is expensive and it is needed a large budget to "centralize" bitcoin but still there will be some rooms that can't be owned by Russia nor any other country.

It will surely impact bitcoin in positive way. What I understand that Russia is planning to develop their own digital currency based on blockchain which will compete with bitcoin. So it will make bitcoin even more serious business to the newcomers to the blockchain industry. They will take bitcoin more seriously when they will hear about this news.

I don't see it as a threat to bitcoin in any way, but expect bitcoin price to further increase if it happens. People who will take bitcoin seriously, will start  investing in good amounts in bitcoin which will further increase the market cap of bitcoin and so the price. Russians adopting digital currency will increase bitcoin's popularity for sure.

I think it will have a big impact on bitcoin. Russia as we all know is a very large country so when country with that scale create an altcoin the world will notice and be on watch in the world of cryptocurrencies because the russian government has its own way of resolving things. I think people will buy their coin if it the history repeats itself, in the end they will just go all to bitcoin resulting to a boost of its usage and a massive price hike.

It's funny that they're finally turning to blockchain technology because if i remember correctly banks in Russia aren't really functional at all. Most people use a payment processor(either webmoney or yandex money, maybe others as well) instead of having a bank account.

What impact does this have on bitcoin? Nothing in my opinion because IT'S NOT EVEN DECENTRALIZED. They're using it as just a way to conveniently keep a ledger of everything so that hacks can't occur and someone changing the entries. The banks still have control over everything. It's not like bitcoin at all.

If you followed the news recently you would have also realised that russia is planning on trackng everything on the bitcoin network - it's completely absurd just as this idea of their own crypto is.

I actually disagree with this. I really don't think that a country having a cryptocurrency of its own is going to change how bitcoin operates or even affect bitcoin's price in my opinion. Russia having its own cryptocurrency is completely unrelated to how bitcoin works. We don't need countries to have cryptos themselves. In fact I would argue that bitcoin should exist without intervention from governments. Russia having its own altcoin means that it wants to compete with bitcoin - something that isn't so good as it sounds.

Yeah Russia is a big country.... and..?
Mongolia is bigger than Germany and it still doesn't count.
Th economy of Russia is the size of Netherlands and with 25 million people living with 100$ a month it's just funny to say it will have a big impact. It will have none.

The amount of money Russians put in bitcoin can be really easily offset by 1/10 of the people living in CA alone.

The real danger is if others try to replicate this.

This effort does not mean anything. Bitcoin cannot belong to any county or government, or a successfull copy of bitcoin cannot be created by a country or government. They should see this point. It's decentralized.

Russia will only do a Bitcoin of their own if it is NOT a free market Bitcoin. In other words, they will want to dominate and control it. When the people find out this about it, they will not use it, but go back to the real Bitcoin.

8)

Yet again, it's going to be one of those shitcoins that nothing is going to happen with. Maybe it'll see a surge in the price due to some news companies covering it from the whales that are inciting this all to happen, but nothing is actually going to happen to it when it comes to the coin being used and accepted in places. It's going to be left with the other million coins that are made for the devs and early early people to make a quick buck and that'll be all.

So, no impact bud -- but nice way of sharing it to get attention for the people that are bound to make a lot of money from it.

I don't think it will have any impact on Bitcoin. The power of Bitcoin comes from the fact that no single entity controls it, so I don't see what's the point of issuing a cryptocurrency that's controller by a bank, it will be just any other altcoin, even worse it's a centralized altcoin.

sooo it's just another Russian government made alt-coin with some dodgy gimmick implemented in it's code (we all know that russian government tends tends to be sneaky sometimes)?

It'll probably going to have as much as impact as any other alt-coin or a little stronger alt-coin. Nothing special.

no, I don't think another worthless putincoin can impact the original Bitcoin.

Government controlled coin  ;D  only children of the big government officials are gonna be allowed to mine it

There will be nothing to invest in it. There will be no price fluctuation.
The coin will be pegged to the rubble forever.

And if the government decided everybody will be forced to accept it because of it's status as national currency.

Stop comparing it to auroracoin or other shitcoins and private projects.
This will be nothing like altcoins more like wmz and wmr.

Honestly I see this as a waste of time unless the Altcoin will be allowed to run like normal cryptocurrency on the Blockchain. Meaning no interference, no market Manipulation, no Centralization and no " Russia Regulation".

I am from Russia and I haven't hear anything like that yet. I would like to hear the news from the original source if it's possible. For me this all sounds as a try to make bitcoin controlled and housebound for Russian financial system. And all that made to people, to whom bitcoin became the source of financial income, pay taxes from their profit to the government by my opinion.