Bitcoin Forum

Russia is making its own blockchain currency. According to the Russian News Agency, the chairwoman of the Russian Central Bank announced regulators now agree national cryptocurrencies are the future.  “After our pilot projects we will understand what system we could use in our case for our national currency," chairwoman Olga Skorobogatova told the crowd at the St. Petersburg International Economic Forum. However, it’s still unclear how Russian cryptocurrency would live alongside global blockchain tokens like bitcoin and ether.

Over the past few months, Russia has moved to legalize and regulate cryptocurrency trading. Skorobogatova previously said an outright ban on bitcoin and currencies of its ilk would be infeasible. Unconfirmed reports from Russian news aggregators claimed on Friday that Herman Gref, the CEO of Russia’s Sberbank, will help develop a “Russian Bitcoin,” to serve as “the only cryptocurrency freely available [cryptocurrency] for sale and purchase.”

Earlier this year, Gref said at a conference Russia could have industrial-scale blockchain deployment by 2019. But according to Reuters, Russian authorities have historically been skeptical about bitcoin, associating it with money laundering and terrorism. Treating bitcoin as parallel currency is currently illegal in Russia. Only time will tell how regulators will treat competing cryptocurrencies as the new policies take shape.

Elvira Nabiullina, governor of the Russian Central Bank, said the Kremlin does not plan to make bitcoin itself a legal tender. "We don't consider that bitcoin can be considered as a virtual currency. It's more digital assets with the regulation of assets," she told CNBC.

Despite the uncertainties, many Russian bitcoin traders are celebrating. “Thousands of people are taking part of this [blockchain] movement, you see a conference in Moscow almost every week. You see Russian blockchain media with big traffic,” said Alexey Antonov from Moscow, a financial advisor at the Russian Supercomputer Organized by Network Mining. SONM plans to launch their initial coin offering in June and make blockchain technology without hash-based traditional cryptocurrency mining.

Antonov said he is excited for Russia to make a sort of crypto-ruble. “I’m glad the Central Bank of Russia established some regulation and their own cryptocurrency,” Antonov told International Business Times. “We think that in Russia there will be some official currency, it will be better for all of us, because we’ll have a method to transfer money from our blockchain companies. It’s better than nothing.”

In the near future, Antonov said blockchain could help regular Russian citizens and businesses, not just the tech-savvy startup community, by simplifying small business loans. “Obviously, it will be very regulated,” he said. “Maybe we can store our money and pay our taxes legally, it would be great. Right now you can’t spend bitcoin or exchange it for ruble.”

Russia isn’t the only one making a national cryptocurrency. Both China and the Palestinian Monetary Authority recently announced they too plan to make national cryptocurrencies. Meanwhile, Reuters reported Japan and South Korea are working on ways to recognize cryptocurrencies like bitcoin, integrating decentralized blockchain tender into their national monetary systems. It looks like Russia will be the next government to usher its blockchain community out of the shadows into a cryptographic economy.

Antonov said he thinks Russian government officials are tuned in to the broader blockchain landscape. “They are really good at understanding what’s going on in our crypto-world,” he said.

Russia must be feeling jealous at Bitcoin and they must be asking themselves that if Bitcoin can be successful...why can't we instead introduce our own cryptocurrency and have all the people use them so it can rival that of Bitcoin?

Sadly, I have not yet seen any country-backed cryptocoin to ever reached even 1% of the success Bitcoin generated so far. Why? It is because a country-released cryptocurrency is running counter to the very reasons why we have Bitcoin.

Now, I am not saying that Russians have no chance to pull this into a success...but what I am saying is that if they are doing it for the reason above then they might be in for a very big surprise.

They can be a laughingstock in the end while Bitcoin has already reached the $100,000 level.

http://www.ibtimes.com/russia-bitcoin-news-country-plans-make-its-own-national-cryptocurrency-2547168

If I remember right, iceland tried to create its own national crypto currency years ago: aurora coin.

As an american it pains me to see every country in the world be more progressive and innovative than we are.

I constantly feel like america is run by the least intelligent people in the world.

Fools who could never see an advantage or benefit in using crypto the way that russia can.

USA is falling behind other nations in every way as a result of our poor leadership and the extremely narrow minded and closed minded views of those who hold positions of power. The SEC which hinders innovation and progress by refusing a bitcoin ETF is a prime example of it.

A crypto currency if not being decentralized and open source then it's not a crypto currency, Bitcoin is successful for the two reasons mentioned above.
When people worldwide could potentially own and mine a coin and operate mining farms to an extent which renders any government unable to control the network that's called a crypto currency being decentralized.
No matter what a country going to call it, that is not a publicly available ledger.

which country is this, the fifth or tenth that has said a similar thing! i think the first one that i've heard was China and the latest (before Russia) was India. and i still don't get what they want to achieve by doing this. i mean i get the interest in blockchain technology and why banks would want to use it in their banking system but a country releasing an official crypto! that sounds weird to me.

If I remember right, iceland tried to create its own national crypto currency years ago: aurora coin.

Sadly, I have not yet seen any country-backed cryptocoin to ever reached even 1% of the success Bitcoin generated so far. Why? It is because a country-released cryptocurrency is running counter to the very reasons why we have Bitcoin.
 

Its not a real cryptocurrency if its distribution is centralized. And how are they going to deploy it? Are they going to use POW, POS or something else? Whos allowed to hold it and how will the Russians stop foreigners from holding some?

If its really decentralized, what about sybil attacks? Im sure lots of hackers would love to play around with a nation backed crypto. America, your country needs you.

Sadly, I have not yet seen any country-backed cryptocoin to ever reached even 1% of the success Bitcoin generated so far. Why? It is because a country-released cryptocurrency is running counter to the very reasons why we have Bitcoin.

The funny thing is, the game is already over. It doesn't matter if those new coins are being backed by Russia, China or USA. They'll be named as altcoins no matter what.

Russia already has its fiat which you can use with credit cards. Another poor attemp to create a bitcoin killer.  8)

Those countries don't understand one simple thing. Bitcoin is strong because there's no country behind it.

They understand everything

And they are not really going to create any government backed coprocoin. These are just words, empty words, which lost their meaning long ago. Mark Twain said it over 100 years ago that you shouldn't believe anything of what you hear (and half of what you see). The Russian economy is stagnating at best now (even according to official reports), and Putin's regime (or should I rather say clique?) consisting mostly of oligarchs should get themselves busy with solving more mundane issues that the country is going to face in the nearest future (and is already facing). The best they can do is just go away

I don't think that any government sponsored coin could be successful, not in Russia or anywhere else. This is kind of rasponse to Bitcoin success but they can't compete. With this Russia is probably trying to show that they are not against cryptocurrencies but it has to be under government control. So Putin style.

seems you may not know much of russia

http://www.ibtimes.com/russia-bitcoin-news-country-plans-make-its-own-national-cryptocurrency-2547168

If I remember right, iceland tried to create its own national crypto currency years ago: aurora coin.

As an american it pains me to see every country in the world be more progressive and innovative than we are.

I constantly feel like america is run by the least intelligent people in the world.

Fools who could never see an advantage or benefit in using crypto the way that russia can.

USA is falling behind other nations in every way as a result of our poor leadership and the extremely narrow minded and closed minded views of those who hold positions of power. The SEC which hinders innovation and progress by refusing a bitcoin ETF is a prime example of it.

I have no problem with countries trying to create their own National cryptocurrencies what I find distasteful is government trying to own them. Man what is wrong with the world? Such level of suspicions & insecurity. Everything is politicized thesedays.

What government will fail massively at is trying to stop people from using Cryptocurrencies of their choice anywhere in the World

Nice to hear about that. It will help the world know more about bitcoin but I do not think that this coin will be successful in the Russia or any other country because I believe that it is not the purpose of cryptocurrency

What is exactly nice about this? They are developing their own altcoin, this is nothing to do with bitcoin, other than that they will base their invention on blockchain tech.
Bitcoin won't gain anything here, it will be maybe mentioned here and there that there is "bitcoin tech" used, but that's it.
State controlled cryptocurrency is not something we would like to have :/

This is outright bullshit

And I'm really fascinated why people continue to believe in that bullshit. At first it had been China with their China coin for a few years, and many folks seriously believed that the Chinese government was really going to make their own cryptocurrency. And where is that cryptocurrency as well as those people? Now Russia seems to have come into spotlight, and people will likely start speculating for another couple of years about a new cryptocurrency to be issued by the Russian government. Every major government already has their own cryptocurrency, and it is called fiat

There was no altcoin issued by a country.
Even auroracoin was an independent project.

Most of them were pure scams that's why they ended so bad.
And if the Russians will enforce their coin as a payment method it will not die so easily.

Most important it will their attitude towards bitcoin once they have rucoin active.



What is so hard to understand.
They issue coins and you can go to you bank deposit 100 rubles and get 100 whatevercoin.

And hold your horses, one successful attack against a coin using the blockchian will be bad for bitcoin also.

Whats hard to understand is I buy 100 rubles of whatevercoin and that 100 rubles worth become very volatile in the crypto market. It would be better to hold the 100 rubles in BTC.

Is hard to understand because you think of it like a stupid altcoin that is subject to pumps and dumps on polofail.
It will not be volatile. Simple.

It will be the equivalent of one ruble.
Just like how you deposit 100 ruble on you debit card you buy 100 rucoins.
Why would it fluctuate? It will essentialy be emoney. Nothing to trade nothing to mine nothing to pump and dump.

Check ecuador's dinero