Bitcoin Forum

This is not first time that i heard or read about some country that wants to make their own cryptocurrency. Today i have read from news that Russia is considering of making their own cryptocurrency, "kryptorubel" or something like that. Do you think that is possible, and what result will it have on the world of cryptocurrency and Bitcoin? Will every country consider or try to make their own cryptocurrency? And what do you think about position of Bitcoin in that race? What kind of impact will it have on Bitcoin? Will it be good for Bitcoin or maybe bad?

It will be deemed as another altcoin nonetheless, and woupdn't affect bitcoin that much since it already gained a large user-base and I think that these cryptos would only be exclusive eithin their own countries. It can be used to pay taxes, settle and issue bonds, be a form of security or any other practical use that their government may see fit. The world is starting to crawl over to digital payments and blockchain technology. It might not be long before traditional fiat be replaced with these countries' own cryptocurrency.

I think that the reason is not that the government want to use the advanced technology and makes life easier for its citizens. The reason is that it is a way to stop the spread of cryptocurrencies in the country. Few people now know what bitcoin is. Under the guise of bitcoin people will offer the same currency only controlled by the government.

how much digital currency is created, bitcoin will still be a role model, because in every growth of digital currency, have been made sure it appears by following the selling price of bitcoin

When talking about "Russia", are you referring to the Russian government or the Russian people?

If talking about the Russian government, then what would be the benefits besides security? The beauty of bitcoin and most cryptocurrencies is that they're decentralized. If a government would make their own cryptocurrency, then that would eliminate one of the biggest advantages of most cryptocurrencies.

yes of course if government creates crypto, of course there is no bitcoin system that becomes uniqueness like decentralization, because in my opinion they have trust with this system very susceptible to misuse of money laundering.

I think it will turn so, that some countries will have several cryptocurrencies (may be 1 state, and more originated from that country)
For example Russia has Sibcoin, Russiacoin, Putincoin (this shitcoin is on Coinmarketcap and it's funny to imagine if Putin knows about it or not)

Countries will be more active in this area of cryptocurrencies, I think some countries have good perspectives in this area

As for me I like the principle of Auroracoin

Some info from wikipedia:
"Auroracoin was created as an alternative currency to address the government restrictions on Iceland's króna, in place since 2008, which severely restricts movement of the currency outside of the country. Auroracoin was the first of a number of country-based cryptocurrencies.
By using the Kennitala national identification system to give away 50% of the total issuance of Auroracoins to the population of Iceland, a process dubbed the "airdrop", the developer hoped to bootstrap a network effect and introduce cryptocurrency to a national audience."

Really many people claimed it. Especially considering that Iceland itself is not a big country - the number is impressive.
"When phase one of the airdrop had completed on July 24, 2014 it was estimated that 1,126,674 AUR had been disbursed among 35,430 claimants, out of a total Iceland population of 323,002 (2013)"

I think that's fair way of cryptocurrency to be implemented.

It is possible man, there are a lot of countries that are trying to release their own cryptocurrency, only that it will be regulated just like hell.
Think about it, if they design their own crypto, it is obviously that only those who are from the country are the only ones who are going to be able to buy first because they are from that country.
It is something that would be difficult to develop, because they are going to do it fully regulated.
And the price can not be volatile just like cryptos are, because it is more like a normal currency, only that digital, just like they want to do it on Russia

What is the real point of creating a national cryptocurrency? If they want to digitalize the payment system, credit and debit cards are here, they are fully digital, so that should not be the reason. A reason I can think about is they want to get rid of the card issuer companies (VISA, MasterCard) becasue of their fee. In this case they need to build a system that's minimum as reliable as the credit card companies' system. VISA and MasterCard develop, maintain their system from the fees (OK, they have also huge profit, but anyway, they have the funds to do the maintenance and improvements). If a goverment sets up a system to handle the national crypto, who will pay the fees of the development and the maintenance? I bet, the people, via the taxes... Digital and traceable money is already available with the credit/debit cards, so I don't really get the point of the national digital cash, but we'll see...

I think the future will be in public blockchains. Even if some countries decide to issue their own private blockchain with their own cryptocurrency, i don't think it'll stand much ground against the public cryptos transfering around the world.

While this is completely and entirely easily possible due to the fact that bitcoin is open source and has already been reproduced,  this would not hurt or help bitcoin most likely,  as it would just be yet another altcoin.  A new altcoin comes out all the time,  but it doesn't seem to harm bitcoin or help it in any way.

It's cryptoruble, the  ruble being their currency.

Of course it's possible , and the effect will be close to 0.


Probably not every country but there could be quite a few of them considering it.
The results from the first ones doing these will influence others to do it or to avoid it.


It all depends on the stance of that country after they introduce their coin.
If they outlaw bitcoin the yeah, it's going to be bad if not... nothing will change.


None of them are official cryptos from that country.
There are thousands of "country" coins but I 'm willing to bet a lot of them were started by foreigners.

Russia is a big country with big abilities to do whatever they actually want. I also heard this cryptorubl story and I even heard that they want to test digital currency system in a concrete city, like digital salaries, prices in digital money and so on. They want to be on the top of the world, so obviusly with crypto currencies as well. I really don't know what kind of effect this going to have on bitcoin, but the effect will have place to be, it's like 1000% guarantee. I wish them a lot of luck and success.

But the crypto rubble is not going to replace the real rubble, and you all should know that, there is no way to replace it because the real currency is backedup on the central bank, and there is no way to replace that money, and less with some "cryptos"..
they were just going to test it, and not now, they were going to release those tokens in 2019 at least, and there is a long path to recover during this year and a few months.
But i think that a lot of countries are going to be doing the same in some months from now if the price keeps increasing.