What is Bitruble?

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2016-06-05 00:00:00:


The popularity of the cryptocurrency did not leave indifferent domestic payment systems, which also dream of becoming famous due to the current currency. So, on September 15, 2015, the Qiwi payment system launched a unique project to create its own currency (analogue of Bitcoin) - Bitruble. The release of the new cryptocurrency is scheduled for early 2016. At the same time, the position of the authorities is not completely clear. In turn, the leadership of the payment system made it clear that the Qiwi Bitruble is supported not only by the Central Bank, but also by the power structures of Russia.

 

Will Bitruble be allowed?

The position of the Kiwi company in terms of "assistance" of the state and assistance in the emission of cryptocurrencies is not entirely clear. So, in 2014, the Central Bank made a statement about the danger of virtual money due to the high risk of money laundering and financing of terrorist activities. Elvira Nabiullina recently confirmed this idea.

Less than half a year after the speech of the head of the Central Bank of the Russian Federation, a bill appeared, which proposed the imposition of fines for the use and distribution of Bitcoin (including other types of cryptocurrencies). After the announcement of the creation of a new cryptocurrency by the Qiwi payment system, plans were announced to introduce criminal liability (instead of the previously existing fines). At the same time, the punishment for violators is planned to be serious - up to 2 years for the use of virtual money, as well as blocking the resources on which transactions with this currency are made.

The actions of the government and its attitude towards cryptocurrency were confirmed by Pavel Medvedev (Russias financial controller). He noted that if the Central Bank abandons the national currency and switches to Bitcoins or other "surrogates", then new money will be available, and until then, the use of cryptocurrency is illegal. The article is based on the Constitution of the country, which says about the existence of a single monetary unit in the Russian Federation - the ruble.

 

What will Bitruble look like?

According to the creators, Bitruble will become better and more reliable than Bitcoin. It will be based on Blockchain technology, which is not subject to existing government bans. On the other hand, as representatives of the payment system note, it is too early to talk about the principles of the new money, because for the release of a cryptocurrency it is worth solving many legal and technical issues. It will take more than a dozen consultations to prove that Bitruble is not an ordinary cryptocurrency, but a more advanced and safe option for the countrys financial system.

In addition to the Blockchain system, another technology can be used - Bitshares, which is a cryptocurrency exchange without a single control center. It is believed that such a trick will allow the release of the Qiwi Bitruble and avoid existing bans.

 

How will the new cryptocurrency be useful?

Few people know how the existing cryptocurrency works. Its peculiarity lies in the absence of general processing that takes into account the transactions carried out in the network. There is an accounting system, but copies of operations are kept by each of the network users on computers. Moreover, any of the participants has the opportunity to check the chain for the fact of correctness and interference of unauthorized persons.

When it comes to process safety, concentrating management in one place is a serious risk. If something happens to the control center, then the transaction process stops, access to the payment history is lost, there is a risk of fraud with money in especially large volumes. It turns out that the higher the level of centralization of the network, the greater the risks.

The new system will be protected from outside interference. In addition, it is planned to correct three main differences between Bitcoin:

- Limited emission (up to 20 million coins);

- Possibility of application mainly according to the scheme "from business to consumers";

- Confidentiality.

The idea is that the new cryptocurrency will be issued in unlimited volume. In this case, the "printing press" will be started as needed. In addition, the use of cryptocurrency will become possible between all participants - companies and individuals in any variation. As for privacy, it is also planned to change the existing structure and introduce some changes, for example, making it easier to identify users.

Despite the fact that cryptocurrency is legally prohibited, Bitruble has every chance of becoming part of the financial system of Russia and gaining popularity among ordinary people. Today, regulators in many countries of the world are at the stage of developing the right strategy that would allow directing the energy of the cryptocurrency in the right direction. It remains only to observe how the payment system will be able to adapt to the current legislation, and whether Bitcoin Qiwi will be able to start a new era.