Ok, I put a lot of info into an article I submitted to SeekingAlpha last night. They still haven't looked at it....
I will send you the link once they publish it. But basically, The Russian Central Bank told a group of banks to build an Ethereum-based blockchain for the digital ruble. The project is called 'Masterchain.'
Putin is pushing the 'Digital Economy' as a way to propel Russia to be an economic powerhouse. The first step, I surmised, is to release the cryptoruble. Future crowdfunding and ICO's will be from Smart Tokens as the "Masterchain"uses the Ethereum blockchain tech.
Russia will most likely continue to ban all other cryptocurrencies from use. This is done to 'protect' the citizens from scams and whatnot. They can, however, create Smart Tokens off the Masterchain. Hence why it is called the Masterchain.
The consortium of banks that will run this Masterchain will be able to charge transaction fees much like Visa or Mastercard does.
The first company to pitch the 'BitRuble' was Qiwi Plc. It is also in the Masterchain consortium. Qiwi Plc shares are being accumulated by Otkritie Bank. Otkritie Bank was bailed out back in August and is now 99.9% controlled by the Russian Central Bank.
To the regular Russian person, it being mainly operated by Qiwi gives the image of it being separate from the Russian government. Even though they currently own almost 48% of Qiwi shares.
Qiwi Plc has a network of around 174,000 ATM-like kiosks and a customer base that uses the Qiwi E-wallet. Not far off from what cryptocurrencies use. This kiosk infrastructure will enable Russia to swiftly bring the BitRuble to the populace. As these kiosks enable customers to insert paper money and get credit in their digital wallet. Qiwi is much like PayPal in Russia, a common option for online payments.
Qiwi charges the customer 1% of the purchase transaction and the vendor 2%. This could easily be the take of the bank consortium - 3% of all digital transactions in Russia! A huge number, especially if Putin's digital economy takes off.
Oh, and those 174,000 kiosks that are internet connected an running 24/7? Why not use those to verify all the ledger transactions? I mean, there is no competition to be first like Bitcoin.
The network is already in place. The tech is there. They are just finalizing the laws as the draft cryptocurrency bill went to the committee on Dec 28th.
I expect the launch of the BitRuble sometime between Q3 2018-Q1 2019.
The best thing? You can buy Qiwi shares and profit from all this.
I'd rather buy some Bitruble! You know a friend of mine (one who got me onto XRP) told me about this Russia news a few days ago and also told me about China also organizing similar measures.
Ok, I put a lot of info into an article I submitted to SeekingAlpha last night. They still haven't looked at it....
I will send you the link once they publish it. But basically, The Russian Central Bank told a group of banks to build an Ethereum-based blockchain for the digital ruble. The project is called 'Masterchain.'
Putin is pushing the 'Digital Economy' as a way to propel Russia to be an economic powerhouse. The first step, I surmised, is to release the cryptoruble. Future crowdfunding and ICO's will be from Smart Tokens as the "Masterchain"uses the Ethereum blockchain tech.
Russia will most likely continue to ban all other cryptocurrencies from use. This is done to 'protect' the citizens from scams and whatnot. They can, however, create Smart Tokens off the Masterchain. Hence why it is called the Masterchain.
The consortium of banks that will run this Masterchain will be able to charge transaction fees much like Visa or Mastercard does.
The first company to pitch the 'BitRuble' was Qiwi Plc. It is also in the Masterchain consortium. Qiwi Plc shares are being accumulated by Otkritie Bank. Otkritie Bank was bailed out back in August and is now 99.9% controlled by the Russian Central Bank.
To the regular Russian person, it being mainly operated by Qiwi gives the image of it being separate from the Russian government. Even though they currently own almost 48% of Qiwi shares.
Qiwi Plc has a network of around 174,000 ATM-like kiosks and a customer base that uses the Qiwi E-wallet. Not far off from what cryptocurrencies use. This kiosk infrastructure will enable Russia to swiftly bring the BitRuble to the populace. As these kiosks enable customers to insert paper money and get credit in their digital wallet. Qiwi is much like PayPal in Russia, a common option for online payments.
Qiwi charges the customer 1% of the purchase transaction and the vendor 2%. This could easily be the take of the bank consortium - 3% of all digital transactions in Russia! A huge number, especially if Putin's digital economy takes off.
Oh, and those 174,000 kiosks that are internet connected an running 24/7? Why not use those to verify all the ledger transactions? I mean, there is no competition to be first like Bitcoin.
The network is already in place. The tech is there. They are just finalizing the laws as the draft cryptocurrency bill went to the committee on Dec 28th.
I expect the launch of the BitRuble sometime between Q3 2018-Q1 2019.
The best thing? You can buy Qiwi shares and profit from all this.
I'd rather buy some Bitruble! You know a friend of mine (one who got me onto XRP) told me about this Russia news a few days ago and also told me about China also organizing similar measures.
Well, here is my article anyway. https://seekingalpha.com/article/4135037-russias-bitruble-cryptocurrency-profit