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

[Ayers]

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 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?

[Hazir]

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.

[iamTom123]

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.

[ethereumhunter]

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.

[Bitcoin Guy]

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. 

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

[Gens09]

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.

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.

[TryNinja]

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?

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

[ActiveP]

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.

[xuan87]

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

[zacharycebu]

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

/ curiousity

[cpfreeplz]

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.

[btcney]

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.

[Sadlife]

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.

[Pearls Before Swine]

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.

[OROBTC]

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

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...

[ImHash]

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.

[DoomDumas]

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

[DoublerHunter]

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.

[stompix]

this is strange really, because they said that they were to adopt bitcoin, and regulate it like japan, i'm wrong?

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/

Cryptocurrencies could be recognized in Russia by 2018, said Deputy Finance Minister Aleksey Moiseev in April. Although he expressed concern about the anonymity of transactions.

“The state needs to know who at every moment of time stands on both sides of the financial chain,” Moiseev said in an interview, as cited by Bloomberg. “If there’s a transaction, the people who facilitate it should understand from whom they bought and to whom they were selling, just like with bank operations.”

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

"We don't consider that bitcoin can be considered as a virtual currency. It's more digital assets with the regulation of assets," Nabiullina told CNBC in a TV interview.

"We have some doubts, we don't see some huge benefits from introducing digital assets in our economy," Nabiullina said

This is what happens when people live in ponyland

[South Park]

It wont affect bitcoin

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.