Moscow Could Have Its Own Digital Currency
The situation of cryptocurrencies in Russia has again reached a different point. A lot of people in the market got excited after the CryptoRuble news that emerged recently.. But the city of Moscow wants its own digital currency. Its name, as you might guess, is Moscowcoin.. There is not much communication between government bodies regarding this plan yet.
A Possible Digital Currency: Moscowcoin
Many countries around the world are currently exploring digital currencies. We do not know which of these countries will be the first to print their own digital currency, but Russia is taking firm steps.. Recently, there were reports that Vladimir Putin approved the creation of a possible CryptoRuble.. Whether this currency will emerge in the coming months remains a mystery.
Although many people expect a joint decision from the Russian authorities on this issue, there is still no consensus.. To explain things a little more, let’s say: CryptoRuble may not be Russia’s only digital currency.. Because Moscow, the capital of Russia, wants a digital currency of its own. Even his thought is interesting, although There is still no clear information on the subject.
The head of the Moscow Department of Economic Development and Policy Vladimir Efimov confirmed that Moscowcoin is a real project. Generating a city-focused digital currency rather than a country might confuse things rather than solve them.. Russia is considering issuing two national digital currencies. One of them will be used only in Moscow, and the other in the rest of the country. It’s like using Turkish Lira all over Turkey and using Istanbul Lira only in Istanbul.
It is worth mentioning again that this project emerging information is still being discussed and infrastructure work has not started yet. Predictably, creating a Moscow-only digital currency would create a few problems (like changing the existing infrastructure, accustoming customers to the new currency).. Neither problem is easy to solve.. Making currencies more digital is a good thing.. Well, nice, nice, but if there will be no institutions accepting these digital currencies, where will people use these coins? Although there are a few ideas for the answer to this question, there is no certainty.
Although the details of the Moscowcoin project are not clear, we will see the words “Russia, digital money” more often side by side.. The CryptoRuble project has the potential to mobilize all other countries with the domino effect.. We will continue to share news about the project in the future.
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