Russia Reveals Plans To Make Its Own National Cryptocurrency

[Winner]

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.

If Russia does decide to step forward to build a Cryptocurrency that the citizens could use then I think that they actually have a chance to cause a bit of disruption within the community of Bitcoin.
 
Russia been talking about making a Cryptocurrency for a couple of years now yet nothing really happened. It's kind of like those articles being posted about people receiving multi-millions of dollars worth of investments so they could work on Blockchain development though nothing really happens after that.

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[Scorpion]

They're inadvertently advertising for Bitcoin though if their intention is to disrupt BTC - which actually I don't believe is the case. They are going to profit off the crypto hype.

[deisik]

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

seems you may not know much of russia

Do you think that you know much more?

McDonalds, KFC's (and "and many other western food outlets") just like iPhones, iPads, iWhatNots and similar stuff don't mean a thing if the economy of a country is going down. You talk with cliches from 80's-early 90's, which no longer mean anything and can't fool anyone anymore. Putin is not a fool himself but his lust for power is playing an evil or even devilish trick on him. Any society under such a ruler inevitably starts rotting down from inside, people get bored, they lose incentive to do anything just like it happened in the former USSR. Just in case, the space taxi is the legacy of the Soviets, not modern Russia's invention or development, which itself was a result of 1960's when there was a general upswing and optimism in the society after Stalin's death

[cybersofts]

Yes, I was reading this yesterday on CoinDesk but I don't how are they going to operate the "RuCoin" does it have any Russian or international law to regulate the coin for oversea users or what??? or they're going to release it as another form of Altcoin, dude???

[Mometaskers]

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.

And to think Russia apparently tried to ban it a few years ago. They definitely saw the benefit to cryptocurrency and want in on the action. Whether it would be successful is a different matter though.

Being from a government, I expect it to be highly-centralized and not a lot of people might like that. If it's just a digital version of their fiat, then I see little innovation save for simply using a blockchain. I suppose it'd be useful to stopping money laundering if they use it to replace their paper bills though.

[Ucy]

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

[ethereumhunter]

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

i am with you too because as long as we can make money from the coin from the country like what rusia did, we can still following the coins but if the coins is not promising again, then i am sure that people don't want to followed or used the coins. its natural for one government that wants to be superior among the other but they need to have many things to show and proof that they are really capable to be the best one.

[Kabul]

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

[Sundark]

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 :/

[deisik]

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

[lumeire]

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

We all know it's not gonna happen, but anyway news like these drive the prices crazy. Let them be.

[AztecGoldHero]

as ı know etherıum and waves are based from russıa. they allready supportıng crypto currencıes. especıaly waves gettıng huge support and shasha tryıng to make a legal platform by speakıng russıan goverment. and as ı know a polıtıc party of russıa has a token planıng at waves platform allready.

[pinkflower]

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.
 

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.

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.

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.

[stompix]

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

[deisik]

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

Russian government doesn't need that

Apart from that, there are already quite a few virtual monies in Russia (e.g. Yandex.Money or Qiwi Wallet), which are just payment processors working seemingly outside the banking system while in reality they are backed by regular banks (Sberbank and Qiwi bank, respectively). It is still the same Russian rubles underneath, so introducing Rucoin will change nothing in this respect. The only direction in which it could potentially change something would be introducing some novice methods of payments, but it will have to face tough competition anyway