Russia and China are going to release a national cryptocurrency. But why?
Material posted: Publication date: 19-10-2017
Recently it became knownthat China was going to create a national cryptocurrency for which the state is responsible. According to Chinese officials, this is the main advantage of cryptogamia. After all, bitcoin and altcoins, there is no reference to any values, here the course is kept as long as kryptonite someone believes.

Well, their own cryptocurrency will be provided by the government in much the same way as conventional fiaty yuan. Interestingly, Chinese officials believe that a private digital currency stabilizes and the national Fiat currency. This, in turn, should improve the financial situation of the country.

The dignity of their coins the Chinese believe that it is not based on the blockchain the platform. China is creating its own infrastructure. The Director of the Institute for the study of digital currencies with the people's Bank of China Yao Qian (Yao Qian) believes that the rate of coins like bitcoin is pure market speculation. Real currency it impossible to recognize, because it has no reference to any values.

Jian said that, in his opinion, work with a free cryptocurrency doesn't speed up, but even hinders the development of the economy. For example, one of the factors of this deceleration is limited to the issue of the same bitcoin.

Their own national cryptocurrency, as you can understand, will be China "engine of economic development". Anyway, so say the officials of this country.

And that in Russia?

Recently the Minister of communications and mass communications of the Russian Federation Nikolai Nikiforov said that Russia is going to issue its own cryptocurrency — criptural. According to the Minister, this decision was made by the President of the Russian Federation.

The idea of creating a national cryptocurrency existed for a long time, the same was it announced in early September. Then he said that bitcoin is unlikely to be legalized in Russia, as it is based on the Western cryptographic algorithms.

"Bitcoin, ether is all crypto-currencies, based on foreign cryptography. Russia has its own school of cryptography. I believe that we can make cryptogenic, a tool based on blockchain technology, and to clearly define the set of rules under which the operation," — said Nikiforov.

Criptural, he said, will be launched in the near future. "I so confidently declare that we will launch cryptool, for one simple reason: if we do not, then in two months it will make our neighbors in the EurAsEC", — said the Minister.

But why Russia scriptural?

Many experts believe that it is just a fad. "When similar projects are launched in a hurry, it is sewed from a bag sticking out of the desire to get into the market. Our main boss told me about cryptocurrencies, and he "ill digital economy", demanded that we had no worse than them. In the initiative Nikiforova I see just the mindless desire to report to his superiors that it was quite how promptly fulfilled his wishes," said the CEO of the company Zecurion Alexey Raevskiy.

It is strange that the Minister explains the need for rapid introduction of cryptorama the fact that neighboring countries also can enter a national cryptocurrency. How can it affect Russia? It is not yet clear.

The economic feasibility of the introduction of cryptorama in question. The main attraction of cryptocurrency in decentralization, that is the availability of coins with a high degree of anonymity. The cryptocurrency can be mine. Nikiforov also said that mining cryptolabs will be impossible. It turns out that his issue will be under the control of the state.

Cryptocurrency, by definition, supposed to be anonymous and decentralized. If it will produce the state, and all control levers will be officials — neither decentralized nor anonymous criptural will not. Accordingly, it can hardly be called a cryptocurrency. Digital money — Yes, quite. But then it is unclear why Russia is another kind of digital money.

The problem also is that to ensure national cryptocurrency will be a state (Russia, China or any other country). And here the main question is whether the population to trust such guarantees. After all, if policy can be changed freely, it is likely to be performed regularly.

Another point is pegged to the national currency. Yuan digital that digital the ruble, most likely, will be strictly tied to the rate of Fiat currency. And most likely this course will be 1:1.

So "scriptural", but rather, is simply a non-cash ruble, which is not unusual. But if Fiat currencies banks conduct operations, what will happen to the "CryptoRandom"? Perhaps the government will force banks to develop special technical tools to work with the new coin. And here is another issue: even if sooner or later in Russia it will be possible to start work with a new digital currency, then pay it with a representative of a state would be virtually impossible. Here, the ball can be used to pay for goods or services at least in Russia, at least in Uruguay. But "scriptural"? This is unlikely to be a freely convertible currency.

It is likely that the initiative of the Ministry of communications of Russia is that is a purely sports interest to officials who want to introduce yet another innovation, so quickly. Digital currencies in Russia a lot. "Yandex-money" and Webmoney, and Qiwi. If it will be added and "cryptool", Russia will get nothing and will not lose.

What about the course? Most likely, it will be installed artificially. In addition, officials will have to figure out where the ruble can be used in public procurement, the calculation in any state structures or elsewhere. Voluntarily use it are unlikely, as the advantages of this currency is too obvious.

In General, while officials — that Russia, China — not too clearly explain what of a national cryptocurrency, which, in fact, cryptocurrencies are not. As mentioned above, it's a fad and the desire to introduce new-fangled the initiative first. The implementation of these projects (and that they will be implemented, doubt is already almost there) will be spent public funds, it is necessary to think, much, will require additional technical and human resources. Do I need it? Is difficult to answer.


Source: https://geektimes.ru/company/hashflare/blog/294457/

Tags: Russia , China , finances