One of the biggest issues with cryptocurrencies is their legitimacy in the eyes of ordinary people. Well, it's no longer the case. Yesterday, Russian Minister of Communications Nikolay Nikiforov has announced that his country will soon developed and issued a national cryptocurrency.
From what little news there is, such cryptocurrency will be tied to the rubble in some way. It will act as a legal currency in Russia and be freely exchanged for the rubble anywhere in the world. Being a national currency, its circulation and issuance will be closely controlled and monitored by the Russian government.
While advocates of autonomous cryptocurrencies will say that any government regulation into cryptocurrencies makes them hardly different from traditional currencies, this is truly a momentous development. Firstly, it's because being based on blockchain technology, the Crypto-Rubble can be easily exchanged with any cryptocurrencies.
At the same time, and most importantly, having the seal of approval and the development resources of a super power will almost certainly de-mystify the Crypto-Rubble and bring it to be accepted by the masses. It will also have a knock-on effect and boost the acceptance of cryptocurrencies in general, something that has been long dreamed of.
Read more: https://sputniknews.com/science/201710161058281052-russia-cryptocurrency-cryptoruble-virtual/