Putin plans its own crypto currency for Russia

CampeadorCampeador Posts: 67 Copper ✭✭
Better get moving Gold Money... find a way to convert Gold into Crypto and vise versa. Before you know it, it will be knocking on the door.


https://deutsche-wirtschafts-nachrichten.de/2017/06/08/putin-plant-eigene-krypto-waehrung-fuer-russland/

Putin plans its own crypto currency for Russia

Russia is pushing ahead with plans to create its own state crypto currency, modeled on Bitcoin.

Russian President Vladimir Putin has met with Vitalik Buterin, the inventor of Ethereum. Ethereum is intended to replace the traditional conclusion of contracts by keeping agreements as computer programs (smartcontracts) controlled by them. Ethereum also allows users to easily launch their own cryptos such as Bitcoin.

The revolutionary technology behind Ethereum is regarded as promising in the programming community.This is also shown by the fact that Ethereum's crypt diet Ether is currently the second largest behind Bitcoin with a market capitalization of around 24 billion dollars.

The meeting between Vladimir Putin and Vitalik Buterin took place last week at the International Economic Forum in Saint Petersburg. After a speech by the Russian president to a group of business leaders from all over the world, the Ethereum inventor said, "a short talk".

The 23-year-old programmer Vitalik Buterin is a born Russian, but moved to Canada with his parents at the age of six. He also has a Canadian passport. Today he lives in Singapore. In 2013 he started the Ethereum project.

In an official statement by the Kremlin on his meeting with President Putin last week, it says: "Mr. Buterin described the possibilities of using the technologies he developed in Russia. The President supports the idea of ​​establishing a link with possible Russian partners. "

Putin's interest in Ethereum and the blockchain technology behind it is part of his efforts to bring innovative technologies and companies to Russia. A blockchain is a database that secures itself against manipulation by the cryptographic chaining of the data records. This technology is based on ethereum and the cryptos such as bitcoin.

In the past, Russia had planned a bitcoin ban. However, the Russian central bank is currently working on legislation to legalize and regulate bitcoin and other cryptic diseases. These could be recognized as digital goods in Russia and taxed accordingly.

The regulation could be introduced into the Duma as early as June, Bloomberg cited at the end of May the deputy managing director of the Russian central bank Olga Skorobogatova. Without regulation, these currencies could quickly turn into a danger in Russia.

Although Bitcoin and the other cryptic stimuli currently also serve in Russia mainly as a money investment and speculative object . But there are also some bars and a taxi service in Moscow where Bitcoin is accepted as a means of payment. Moreover, Russia's largest online retailer Ulmart will accept Bitcoin from 1 September.

At the time, Russia's central bank is even thinking about starting its own state crypt. This is said by the vice-chief of the Russian central bank Olga Skorobogatova in a speech at the International Economic Forum in Saint Petersburg.

Russia's central bank has been dealing with blockchain technology since June 2016. This was announced by the then Fintech head of the bank, Vadim Kalukhov, in advance. But never before has the Russian central bank pushed the issue forward in this openness.

The Deputy Managing Director of the Russian Central Bank Olga Skorobogatova said, according to a report from the news agency TASS :

"The regulatory authorities of all countries are in agreement that it is time to develop national cryptos.That's the future. Each state will decide on a specific timeframe. According to our pilot projects, we will understand which system we could use in our case for our national currency. "

This year the Russian Central Bank will start a block-chine cooperation with EU countries, Olga Skorobogatova said.

Comments

  • BigMouseBigMouse Posts: 53 Copper ✭✭
    @Campador very interesting posting! Chinese government recently created a institute to study the cryptocurrency as well. I guess they try to get familiar with the technology so they could tax/control it some day?
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    Very interesting post, thanks for sharing.
  • CampeadorCampeador Posts: 67 Copper ✭✭
    edited June 9
    Will not be surprised that will be the cashless society they are all talking about. My only gripe with the "Cashless" meme is the "Currency Centralization". If is Decentralize, I am all in. I can see why Russia might try to attempt to create their own. Honestly, there is nothing to loose beside computing power/energy, but if is the "De Facto" is game over. Bitcoin is what it is because is the 1st Beanie Baby, the other are just as good copies.

    I think, if there are several Gold Vaults, spread, around the world, all used as 1 single pool; will be the end of Centralization by the few (will be Pooling by the many) as is today. Trade Gold via Crypto for goods and services will be the ultimate "Currency Killer". The Gold never move, just change ownership; no Central Bank to manipulate it because is all over the place. Also, when you obtain a Crypto Coin/Token is immediately trade into Gold. That way, free up the Crypto Coins/Tokens (prevent hoarding) to be used by others. The ownership, is on the Gold, not the Crypto per se.

    Maybe I am "shrooming", but using the best of both worlds, Physical Gold and overcoming the downfalls using Crypto Coins/Tokens.

    For the people that understand Computer Networking terms, is like using a Network address translation (NAT).

    Damn... should patent that idea. :D
  • Marco_1983Marco_1983 Posts: 25 Tin ✭
    Campeador said:

    Trade Gold via Crypto for goods and services will be the ultimate "Currency Killer". The Gold never move, just change ownership; no Central Bank to manipulate it because is all over the place. Also, when you obtain a Crypto Coin/Token is immediately trade into Gold. That way, free up the Crypto Coins/Tokens (prevent hoarding) to be used by others. The ownership, is on the Gold, not the Crypto per se.

    @Campeador I completely agree. This is exactly what I hope GoldMoney would be in the near future. And I think they will!

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