Bitcoin Forum

Do you think Russia will be the first one to succeed into creating a national altcoin?

Apparently they are even considering taxing it at 13%:

https://techcrunch.com/2017/10/15/russia-may-soon-issue-its-own-official-blockchain-based-currency-the-cryptoruble/ (https://techcrunch.com/2017/10/15/russia-may-soon-issue-its-own-official-blockchain-based-currency-the-cryptoruble/)

it may launch it but the big question is who is gonna adopt it. do you believe americans for example will be eager to adopt a russia issued coin?

the whole point and much of the success of btc is that it is decentralized

Nice example dont think that creating some national coin will bring something to the crypto on the contrary think it will be opposite.
Dont expect to see any adoptions if it not bitcoin or ETH nothing else in this I cant see happening in the upcoming time.

Creating this coin or token if it gonna be ETH based is probably waste of time, but if they are eager to make so let them make dont expect to be success in eny way.

Crypto ruble will be another alt that's all. By law it can be prohibit free base crypto but in all world it's impossible. Only state regulation and taxes are main goals.

It might be airdropped to all its citizens and they'd get incentivized to use it one way or another. I don't know? It's just speculation but they could try something like that.

taxing 13% of the crypto? lol good luck to them

Wow.... remember in the previous time putin already stated against bitcoin and all of the crypto currency, i think that the putin will try to use ethereum platform, i remember vitalik ever meet with putin.

What could happen is CryptoRuble will be used as a step to legalize and regulate cryptocurrencies and exchanges in Russia. Russia has been very progressive in banning foreign websites. Even localbitcoins is banned. So what they can do is ban all the exchanges, that do not use cryptoruble, and Russians will be able to buy crypto legally with cryptoruble only. That explains a 13% tax. This certainly is not how crypto was designed to work - in unregulated, decentralized way. I think that is what China is also preparing now for its citizens. Lets see how will it work out.   

Dubai already has its own cryptocurrency from what I know. It's not a country, but I'd still call that one the first.

And while I am inclined to distrust government controlled cryptocurrencies, I'd trust even less this CryptoRuble.
I mean, come on, Putin was just a couple of days ago against Bitcoin, calling for ban of all cryptos in Russia. And now he has his own crypto? How long until he changes his mind again? What if you invested your money into it and he decides to halt this project just because he changed his mind?

first china and Russia?i think something is about to happen in the cryptosphere .governments are desperately trying to get a pieces of the pie.funny how the very countries trying to ban crptocurrencies are the the-same countries trying to introduce their own digital currency. HYPOCRISY in its simplest form.they just realise the motto"if u cant beat them you better join them"

As much as I know, Dubai doesn't have its crypto but is seriously considering implementing it just as Japan is planing unti the next olympics (not quite sure is it olympics or not, not home to check) and Lithuania, not sure again, has already issued their crypto but it's not recognized by the EU.

Japan is leading for now.
But either way Russia is on the right track also. All they have to do is adopt Ethereum. Why create another currency when they have already developped one? In my opinion their best bet is adopting it.
But still, less than 1% of the population knows what crypto is. If more people get involved in it, every country in the world will be willing to create its own currency.

if a cryptocurrency run by central bank, it means it s not a real decentralized coin.

Canada made a digital coin many many years ago then sold it off. ( i read about it at Coindesk in 2013)
The centralized RUS (non-mined / non-private & taxed) ICO/Premined digital Ruble would be no. 2 maybe.

@NeuroticFish
Why do they ban VPN's ?
It's a communist police state..
They want all the others eliminated for theirs to take over ..actions speak louder than words.

We have no idea how the cryptoruble will unfold, but for sure the process will be a very interesting one to observe

Cryptocyrrency =/= blockchain.
Of course blockchain will be a game changing technology, but the currency will remain state property. And blockchaining a national currency is useless, because they can't add debt back in. It's why paper money is all over the world, and gold-baked currency was abandoned 50years ago.

No, maybe they will beat others at using a centralized alt, but maybe it will not be like they expected, they will understand soon or later that there can't be anything better than bitcoin because of the security related to the current blockchain, that's one of the good things of bitcoin, they can not reproduce it or called it like "something like bitcoin" because it will not be like bitcoin if they are planning to made it centralized...so in the end, what they will do is like OP said an centralized altcoin and let's see how they managed this security...

I know, I live "in the neighborhood" so I know all this pretty well. And I am old enough to remember the days when the things were the same here too. Luckily the computers and internet were babies back then.
But i wanted to tell this from the money point of view. This is a better argument than "trust me, I know how communist states work".
And I didn't know about the VPN - but I find it so "normal" for such countries, so I may have read and ignored the news.

I guess it takes too much time to create and adopt it in Russia. Russian government cannot work coherently and every single ministry do what they want. It could be seen with the naked eye how they "adopt" crypto.

Yes, it's right. It contradicts the idea of decentralization and cryptocurrency. That's why it will be only local currency that may be regulate local laws.

are they going to roll out ico? if yes of course it will be very attractive to many investors, remember that this is Russia which is not a small country.

didn't they have already burger king coin?

Its strange, one day we are reading that Putin is saying how bad decentralized currency is and now they want to create their own crypto version of rubble.

Well to be fair i don't recall him saying that specifically.
But you are missing the point here..
The comment the Russian official made was saying they are looking at making a CENTRALIZED coin of sorts.
Why is obvious.. the Russian govt is all about control of their citizens.. they are communists for fucks sake's people ROFL
That will not be able to be mined.
I read about this news first at Neowin.net then seen the topic here.
https://www.neowin.net/news/russia-to-reportedly-soon-issue-its-own-cryptocurrency-named-cryptoruble

get it ?

"Putin is saying how bad decentralized currency is"

While his people are looking at issuing a CENTRALIZED coin.. like ETHEREUM.

You people are idiotic hypocrites.
They are saying they are going to do what Butters did with ETH.
ETH was / is a centrally controlled launched ICO that was not mined.
Mining was tacked on later after the fact when users like me pointed out how that is scammy.
Recall the famous fork ?
He called up the exchanges and said "freeze the coin"
..and they all did.

I have to laugh my fucking god damn ass off how you all line up to criticize this coin when ETHEREUM is actually worse.
I respect the fact that Russia is interested in a C U R R E N C Y.
And not an APP's "smart contract" gimmick coin cloning platform with a "fuel token" ICO'd and tacked on.
ETH is NOT a currency.. it's a scheme coin.
The ETH guys pretty much invented coin manipulation from launch to the super hype/spam/pump of early 2016.
Who was buying all those coins on it's 2014 obscure launch in 100 BTC chunks ?

You profiteer investards wouldn't know a corrupt rigged coin scheme if it bit you in the ass.
ETH proved crystal clear that if you pump it.. then they will come.
They kept testing the waters for about two years until the super pump.
They made topics asking "What do you think of ETH?"
And as usual every topic monthly was ignored or flamed briefly.
No one ever wanted anything to do with ETH and they pointed out all the bad aspects of it.
Until.. it got pumped.
THEN.. you were all of a sudden on board  ::)

According to the definitions of a scam coin, Ethereum is a scam.
But you all don't give a shit.. because it's paying out $$$.

And THAT is what this Russian coin will amount to.

Apparently from the details around now Russia will be the first one to create a national cryptocurrency of their own. Their coin is not good though since it will be centralized and is just a rip off from another coin. Also, the tax they are planning to implement on it is a joke IMO who the heck will use it besides Russian? Therefore even if Russia succeed in creating their own cryptocurrency they will not be the one who will create the coin that would be like dollars of cryptos officialy created by nations.

As I understand Crypto ruble won't be another altcoin, it is something like gateway for legalization crypto and payment taxes. And this scheme is pretty cool as for me.

Main idea is that they give privat and public key if you show them passport number and name. I think they will generate hash via that information. It will be decentralized but transparent.

as far as I know, China also plans to create its own national currency. therefore, this game was invented with the prohibition of the crypto-currency trade and ICO

The worlds biggest communist countries that suppress their people are launching crypto-currencies ?
No alarm bells going off ?
Of course not you are all idiots and warp anything into good news.. buy buy buy shit.

Like what fucking part of the news have you all missed where China + Russia are cracking down and suppressing their people.
Stories keep getting posted non stop.
Are you all blind or what ?

https://www.mtholyoke.edu/~khour22h/classweb/images/yentocensor-x.gif

Russia is an incredible country. It might be correct. Russia is a huge and rich country whose people are also very knowledgeable about cryptos and blockchain. Plus there is not much countries that created their first national cryptocurrency. I heard of cryptocurrencies that will also be firsts in their own countries, such as India, Brazil, China, Estonia. But I am not sure though if these cryptos are actually sanctioned by the government.

Estonia are considering their own national cryptocurrency too. They might get there before Russia; as a country they are quite forward-looking and not averse to crypto.

That's right, i was about to post that up also. Estonia was planning this two months ago with there own government-backed cryptocurrency called estcoin. If i remember correctly Ethereum founder Vitalik Buterin was helping them prepare an ICO for it also.

How you dare to criticize such good investments?

They know very well what they do:

https://talkimg.com/images/2023/05/18/blob5e038db9a6c4bee6.jpeg

It's just a digital currency not a cryptocurrency. Cryptocurrency is value secured through cryptography not via controlled servers. Russia is a flop, trying to fool people with this marketing stunts.

@NeuroticFish  :D

What concerns me is they will get it happening via enabling profits for the investards somehow.
"It" being something we should not support because it violates our crypto-ideology (like Ethereum)
They are clever people and i am sure they picked up on it.. you can push anything as long as you grease the wheels.
In other words you can push a crooked rigged scheme as long as the masses looking for BTC dust get a piece of the action.
They will end up with control and it will be paid for with greed.

You all here are masters at this routine.
You create millionaire kingpins who control the puppets ..you place them on their Kings thrones and award them millions in cash.
Just as long as the king promises to dole out some change later.
In other words a pyramid scheme and it's leader.. no problem.
When do i get paid for permitting it to happen ?
Co-opted.

Anyway i kept saying lots years ago you all have time running out before the big guys take over.
I never expected govt's to directly make their own though but big powers like major companies are already encroaching.
Such as they all have their own Wallets and pay systems now.

Guys it was YOUR job to get a crypto-currency adopted and used.
You never did.
You sat on the exchange chat box bitching that the dev never got the "coin" adopted yet so you are dumping.

Really you left the door open guys.
You left the world of crypto open to people who care about it.
Which is not you all.
You all came here to profit.. which has nothing to do with crypto really.

The torch has been picked up.. as i predicted.
You had your chance and you all blew it.

Maybe they will force those in Crimea to use it first as a test, then roll it out to the other countries and towns than Russia plans to take over.

Maybe, I just can't see them doing something like this when there is so much else going on with them.  A country that takes over and then loses territories left and right to their southern border should properly work more on things like military and attrition stability before worrying about embracing something that does not serve them directly at the moment.  Constant political issues within and with other countries, unknown military goals, there are bigger fish to fry for them right now.

Not it doesn't. It will be created only for this 13% tax. I can tell you for sure that government just want to take control out of crypto, but it wont happen in next several years, exactly not in Russia.

if its do happening rusia will be the pioneer for other counyry to do the same as they did. it will bring cryptocurrency to all of our daily live by truly accept it as a payment.

It will not be as big as the current cryptocurrencies that we have right now. If the Russians will create a cryptocurrency of their own, it will most probably be used by Russians alone. I mean Russians residing in Russia. That would limit the users and consequently its circulation to the Russians within Russia. The cryptocurrencies we have right now, most of them, can circulate around the world.

If they are going to be banning other cryptocurrencies that the world recognizes in order to pave way for their own cryptocurrencies, then I honestly do not see how it would succeed as first country as very few people are aware of this technology...but with the likes of Japan doing everything right to create the perfect crypto environment, I would put my money on Japan to create the first national currency.

That is why I don't really care what Russia is saying about crypto currency because they always change their statement the next day. They are looking like stupid everyday because they keep on contradicting themselves and they always like to portray themselves are crypto loving country but its the other way around. So take everything with a grain of salt. And remember what I say here. Maybe in the next couple of days there will be another statement coming from them. hahahha. But as far as cryptorubble is concern, I think it will really fail because their citizens whats crypto that is not centralized like bitcoin and ETH. And at the end of the day only the rich can afford their state sponsored coin.

Sounds very funny, some people want BTC to die then create the same technology.
only the greed they show. there is no other reason.
we can not blame them, I am sure they will fail.

maybe yes and maybe no because i think every country have the same purpose when they decide to create the first national crypto currency and it makes them to do anything to make sure their plan to work properly. but i think that maybe russia have their chance to beat the other country because we know russia have new technology that allow them to do this. if this is happen, then i am sure that the other country will do the same and i think its only the people and the exchanges that will giving the result because without people and exchanges, the coins is useless.

"Belarus has recently created and launched a national crypto currency called" Taler. "The group of its founders, which includes Belarusian economists, IT specialists and journalists, emphasizes that thaler is not in any way called upon to compete with the country's national accounting unit, the Belarusian ruble." Here and so...

if they indeed do so, they will surely be the first nation to scam honest people out of their hard earned money

I think that Russia will still release its crypto ruble. But, these coins will be traded on specialized exchanges that will be built for the countries of the Briks and which will be controlled by the states.

Now many countries are starting to consider the issue of creating their own crypto currency. Perhaps, Russia will be the first who will be able to implement this in practice. The Crypto currency must go through this stage when some states try to issue a regulated centralized crypto currency. We have little experience in this regard and therefore it is necessary. As for the cryptoruble, it is unlikely that it will have demand in other countries, in its own it can even go compulsorily, since it will integrate a 13 percent tax on profits.

I dont know if rusia will beat every country
In crypto. But in this year some ICO like Cartaxi and Alto Car ,they are from rusia and the concept off this ICO are very briliant and unique. The concept are focus for service poeple so i guest the goverment in rusia will support this program.

Well taxing their own crypto is going to be pretty easy, since the rules are going to be etched in stone within their protocol. Therefore, they have financial incentive to use this cryptocurrency since it makes tax collection way easier.

However, what advantages will this cryptorouble have? Even if they are the first to launch it, doesn't mean the idea is any good at all. It is not even decentralized, they are merely using blockchain tech to collect tax.

You just don't understand crypto or what was said.
Russia never supported decentralized crypto.. they support CENTRALIZED crypto.

They announced making their own coin that was not going to be able to be mined.
They said they would not allow coin mining.

I am not seeing any contradictions what so ever.
I see you all not able to understand what was said and failing miserably to see the context.
What that might be ?
Well for the love of fucking god how man fucking times do i have to repost it ?

Russia are communist that have an iron grip on their people.
Especially when it comes to the internet / communications.
What part of that are you guys not getting ?

What you heard they were going to officially support Free Market open source digital currencies that circumvents their monolithic amount of restrictive laws ?
Then you heard wrong investards.. it's Russia for crying out loud.  ::)

Putin is no stalwart for freedom.
He is the leader of a communist regime that controls their people with force.

..i highly doubt this coin will be of any use to the investards. (and their desire for ROI's)

EDIT:
Putin if you are reading this ?
Don't take offense (i don't really think you would)
People i always sort of liked the guy but i can not morally support a lot of his policies in Russia.
I am not a communist supporter here in Canada.
But i have always sort of liked the guy.. there is just something about him that is likable.
At the end of the day though i support the freedom of the Russian people from communist oppression.

It's Russia, they won't fail if they actually build another currency for the people in that area. Bitcoin will still be exchanged no matter how hard they try to get rid of it.

It seems that Russia has already changed its mind about issuing its national crypto currency - the cryptoruble. Recently, the Expert Council under the Government of the Russian Federation decided that the national crypto currency can not be created in a single country. Therefore, the project with a regulated national crypto currency failed, not even starting to be realized.

no btc is propagated to be decentral and was at the beginning now its not decentral, it is actually controlled by the fraternized mining pools that are splitting it (bitcoin cash, bitcoin gold) furthermore it has a centre which is the media propaganda around it.

secondly its not russia that creates a cryptocurrency its, a small group of bankers that do that, and they say russia does that in the mass media, in order to basically force all others to accept the reality of them creating money out of thin air and living in financial freedom while the rest has to work for it. and provide the financial freedom for them and the ability to leveraged investments.

they will furthermore desire and realise a form of financial inquisition to get competitiors out of their sphere.

regards

Not really hmmm

Because such national cryptocurrency ain't following how crypto should be

They created it because they wanted to control, Cryptocoins should be decentralized and not "own" and "control" by a party

for hundreds/thousands of years, we all used horses.  Then the motor car came along:  game over for horses, for most use cases.
Nation states and their fiat/central bank/currencies have existed for hundreds/thousands of years.  Whilst these constructs were useful, we now have blockchain crypto.
If the state of Russia (and its accompanying ruble fiat) was such a compellingly useful thing, the rest of us humans have had ample decades/centuries to leave our lesser home states (U.S.A., Europe, etc.) and 'join' the Russian one.
I note most of Planet Earth's residents have not voted so with their feet.
Buy more coinz.

correct me if i am wrong but India has already finished their national cryptocurrency crap and called it Lakshmi! so if i am correct the Russians will be second at best.

and this is just another dumb move in my opinion. i can see how adopting the blockchain technology can help the financial system and the banks for example since it increases the security and cost and has a lot of other benefits but to create a currency out of it and restrict it to one country! i can not see any point in that. we already have fiat for the centralized currency and then we have banks and banking system like credit cards, internet banking,... for digital version of it. we don't need crypto version of the  same centralized thing!

Yes, they're way ahead of every other country in crypto. I think they will beat everyone. I haven't heard anything from other countries, sooner or later they'll have to step up their game. I know it's centralized and what not but I doubt any country would make it decentralized, so, it might not do well in the long term.