28 May '16, 1pm

Amidst bitcoin boom, Russia plans its own cryptocurrency

Russian media recently revealed plans to create a national cryptocurrency to be used alongside the ruble. The Federal Financial Monitoring Service's (Rosfinmonitoring), released the plan to TV stations and newspapers across the country. Deputy Director of Rosfinmonitoring, Pavel Livadny, hopes that the new currency will be more convenient for Russians, and reduce the costs related to financial transactions. At the same time, there are plans to ban all other cryptocurrencies, including bitcoin. Rosfinmonitoring mentioned that they have already begun talks with major stakeholders in the future cryptocurrency; The Finance Ministry and the Central Bank. In stark contrast to Bitcoin, the plan for the Russian cryptocurrency explicitly says that it will have a central issuer in control over the currency's supply. This news comes at a time of impressively steady growth in the trad...

Full article: http://bravenewcoin.com/news/amidst-bitcoin-boom-russia-p...

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