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Vladimir Putin wants new cryptocurrency 'to evade international sanctions'
Officials indicated that Putin had already ordered work on a new form of cryptocurrency, a decentralised system based on the blockchain. Previous local news reports indicate that the leader's decision was made as long ago as October 2017.
Source: http://www.ibtimes.co.uk/vladimir-putin-wants-new-cryptocurrency-evade-international-sanctions-1653595
What do you think about this? Could you rely on this new crypocurrency?
4 answers
I think this is the next logical step in the global currency war. The crypto Yuan will be next, then some smaller nations to follow.
Even a centralized currency has censorship-resistant properties, so the crypto Ruble is just a censorship-resistant Ruble. Tracking is not a new problem or a downside relative to the Ruble, that's a standard feature of fiat currencies.
inb4 IMF destabilization due to crypto fiat currencies
Well if you don't mind Russia tracking your spend/purchases, you could rely on it. Russia will absolutely be able to track transactions if they build it, even though they will insist they won't.
If all transactions are public like Bitcoin (and others) you can build a database of transactions and the wallet they go to. If you identify the wallet owner, that theory goes out the door about being untraceable. The US and China have been particularly good about tracking those transactions. My bet is Russia would add a twist that would take a year or so before tracking transactions could occur from the US and other countries.
I think cryptocurrency thing is not that as it used to be. Blockchain based payment is one thing but crypto is no threat.
The way Cryptocurrencies are behaving, nothing can happen in near future. Crypto is a global currency, noone can or should try to control this. Such efforts create volatility which is not good for anyone.
However, if Russia create some global blockchain network, then its a different game.