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Bitruble: perspectives and features

Битрубль: перспективы и особенности

One of the largest Russian payment systems Qiwi announced its intention to introduce a national virtual currency into use, which will become an analogue of the already popular Bitcoins. A new cryptocurrency called Bitruble. will attract new users and significantly expand the capabilities of the service. However, in addition to the technical nuances associated with the development of new money, the company faced some permitting difficulties. Lets take a closer look at the prospects of the national cryptocurrency and its features.


Prospects for cryptocurrencies in the Russian Federation

The developers of the service claim that the process of introducing a new cryptocurrency - the Qiwi Bitruble - will cost the company about 100 million rubles. However, the main difficulty is not the allocation of the necessary investments, but obtaining permission to issue currency from the Central Bank of Russia.

The regulator is wary of cryptocurrencies, believing that they have no real collateral. Moreover, the Central Bank believes that such resources can be used to finance terrorism, laundering ill-gotten gains, for fraudulent purposes, that is, to stimulate the market for shadow operations. Therefore, at the moment, the founders and management of Kiwi are negotiating with representatives of the department in the hope of reaching a certain consensus.

The Russian authorities are expressing certain concerns about cryptocurrencies.

The President of Russia said that he sees the possibility of limited use of Bitcoins (and similar cryptocurrencies) for settlements in some areas of activity. However, the presence of problems with control over the operations carried out and some difficulties in the use of such money create additional risks for users, especially in the absence of state protection and proper security.
The Chief Financial Officer of the Russian Federation noted that today the countrys Constitution provides for the existence of a single monetary unit - the ruble. And the use of other money before the amendments to the legislation will be illegal.
The Kiwi leadership believes that Bitruble will become an effective replacement for Bitcoin, given that the latter is prohibited in some countries and is under close scrutiny in the Russian Federation. If the government manages to solve the problem of effective regulation of the cryptocurrency market, then in the future they will gain more and more popularity. The launch of the new currency will simplify online payments for goods and services, money transfers and other transactions. By the way, such a giant of the IT market as Microsoft is also actively using cryptocurrencies.

Differences between Bitruble and Bitcoin

At the moment, the Kiwi developers are testing the platform that will become the basis for the Bitruble emission. The exact mechanisms of the new system have not yet been announced. However, it is already known that for the release of the new cryptocurrency, Blockchain technology will be used, which has been verified by Bitcoins. An alternative to the Blockchain option is Bitshare technology, which is a cryptocurrency exchange based on the principle of decentralization.

The final version of the platform for Bitruble Qiwi is not yet, it is still under development. The main task for the developers is the need to achieve maximum system reliability and comfort, as well as compliance with the current legislation. One of which is the need to identify users.

There is a possibility that Qiwi will sell the new currency through its own terminals for Russian rubles. In addition, the new system will exclude the possibility of external interference in the work.

The developers of the new cryptocurrency believe that it will be more reliable and better than Bitcoins. The main differences between Bitruble and its progenitors of Bitcoins will be as follows:

Unlimited emission. The new virtual currency will be issued in unlimited quantities, while the release of Bitcoins is limited to 21 million coins. Each new issue will be carried out as the need arises.
Expansion of the range of applications. Individuals and legal entities will be able to use the new cryptocurrency in all types of activities.
User identification. Unlike confidential Bitcoins, the circulation of the new cryptocurrency will be controlled by the state, and the Qiwi company in particular. For this, Qiwi plans to introduce simplified user identification.
Considering that at the moment the launch of the cryptocurrency in Russia is contrary to the current legislation, the "Bitruble Qiwi" project is at the stage of development and approval. It is possible that Qiwi will not be able to reach a compromise with the Central Bank and law enforcement agencies, then she will abandon the idea of issuing a cryptocurrency.