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RE: Russia To Launch Their Own National Cryptocurrency & Allow Bitcoin Trading Again 🇷🇺
Can someone explain to me why it's logical or necessary to have a national cryptocurrency? I thought one of the points of Bitcoin and other cryptocurrencies was to eventually become a standard international currency that people from all countries could use freely - to create a currency that anyone could accept no matter where they are located. I guess my question is why does Russia want to make their own currency when Bitcoin and many alternatives are already available? What is the purpose?
Thanks!
It is logical because it allows the state to attempt to maintain control over the money supply, whereas they have very little control over the current cryptocurrency economy. This is simply an attempt to try to displace the current free money systems with a digital version of state controlled fiats hoping a large proportion of the population will not know the difference. Simply it boils down to the money masters trying to hold the reins a little bit longer.
They just want to be able to control the monetary system but of course it will not work. You are right, national blockchain currencies defeat the purpose of what bitcoin was made for. They can try all the want but the free market will choose what coins have value and no country can do anything to change that.
" BITCOIN FOR THE PEOPLE" "Steem for the People"
I think Russia is just very skeptical towards bitcoin still. Like mentioned above, they actually had very strict laws against it.
By building their own digital currency, they can have the benefits, but still make their own rules and monitor and regulate the currency however they like.
And since the currency will be issued by russia's central bank, it's not really a decentralized cryptocurrency anymore.
Thanks for the reply. It seems like it's just a way for them to stay in control as they see how we are heading towards an economy that primarily uses cryptocurrencies. However, I do wonder if they will be able to "print" cryptocurrency to bail themselves out of debts like many countries do with cash. I imagine this currency won't be mineable, as the central bank is regulating it, so they can probably do whatever they want. Kind've scary! I guess we just have to wait and see.