Russian's own Bitcoin - What will be the impact to the original Bitcoin?

[Bitcoin Guy]

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?

[KennyR]

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.

[Yakamoto]

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?

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.

[bartolo]

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.

[yogg]

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 

[izanagi narukami]

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

[Wandika]

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.

[Nagadota]

Yeah... other cryptocurrencies will only be available freely by just buying them.

All other [cryptocurrencies] will only be available via exchanges or trading platforms

Isn't that how everyone buys cryptocurrencies anyway?  So isn't this "only freely tradeable" crypto thing just clickbait nonsense?

[iluvpie60]

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.

[South Park]

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 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.

[Kprawn]

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. 

[bamboylee]

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.

[MingLee]

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.

[BrewMaster]

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.

[Rabber]

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.

[bouren]

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?

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.

[7jaka7]

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.

[jpoker272727]

It wont affect bitcoin

[amacar2]

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.

[RodeoX]

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