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Cryptocurrency

Russian VKontakte cryptocurrency to be launched soon

Maya Mandz | Apr. 1, 2019
Russian VKontakte cryptocurrency to be launched soon

April 1, 2019, | AtoZ Markets - According to a source familiar with the popular Russian social network VKontakte, the company is exploring the possibility of creating its own cryptocurrency.

Russian VKontakte cryptocurrency in a brief

Back in March 2018, VKontakte which claims to have 97 million active monthly users, began accepting payment in cryptocurrency for advertising on its site. This year the Russian social media has moved further. According to the local media reports, the social network users will be able to create individual accounts for the accumulation of the Russian VKontakte cryptocurrency. Coins will be credited for the time spent in Vkontakte, for sharing interesting posts and accumulating “likes.” The users will be allowed to preserve or transfer their funds to other users. Moreover, the Russian Vkontakte cryptocurrency could be exchanged for goods and converted through the VK Pay payment system.

The Russian “Facebook” stays silent about their crypto initiative

It is getting clear, that the Russian social media giant is following its US competitor. Last month, Facebook announced developing a cryptocurrency that will be pegged against the United States dollar and is intended to be exchanged on Facebook-owned WhatsApp. As was reported, Facebook decided to fund developing its coin to overcome the issue of volatility in the cryptocurrency world. The exact date of the release of the Fb coin has not revealed yet but it might not be coming up soon as the company is still trying to plan out few strategies for the same. The VKontakte officials although, are staying private about their crypto initiative and the final decision on the launch of the project has not yet been made.

Russia denies rumors about investing billions in bitcoin

It is still unclear whether the Russian government attitude toward crypto is positive or negative. Despite skepticism about cryptocurrency, Russian President Putin recently set a deadline in July 2019 for crypto-rules to be established in Russia. However, it is unclear whether this initiative will be implemented as a similar project has already been postponed. Moreover, Elina Sidorenko, chair of the interdepartmental working group of the State Duma for managing risks of cryptocurrency turnover, recently announced that Russia will probably not accept cryptocurrency for at least the next 30 years. Sidorenko was responding to the recent reports claiming Russia was planning to invest billions in bitcoin to combat US sanctions imposed on them.

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