What is Bitruble?

Bitcoin is the main and popular cryptocurrency today, which anyone can exchange, purchase or earn. She is gaining increasing popularity not only in academic circles, but also among ordinary people.

However, despite its popularity in many countries, in Russia the fate of Bitcoin is in the balance of a complete ban. This does not prevent Qiwi employees from making grandiose plans and taking risky steps towards the release in 2016 of their cryptocurrency - Bitruble.

According to the developers, the new coin will eventually overlap the popularity of its “brother” and will be able to easily be used by network users not only in Russia, but also in other CIS countries. What is the essence of the Qiwi Bitruble? Does he have a future?

Organizational moments

According to Qiwi representatives, the introduction of cryptocurrency is a costly process, which will have to spend more than 100 million rubles. Despite this, no one cancels the task of issuing a new monetary unit in 2016. Recently, more and more meetings have been held with representatives of the Central Bank of the Russian Federation, at which this issue is raised.

According to the law of the Russian Federation, the regulator has the right to issue money. So when launching a new cryptocurrency, you cant do without his permission. At the same time, information about the development was sent to the law enforcement agencies, which must determine the possibility of admitting new money to the financial market and monitoring operations with their use. Due to organizational delays, the exact date of release is difficult to determine - it all depends on the position of the regulators.

As for the Central Bank of the Russian Federation, its attitude has long been voiced. Management believes that the use of digital currencies contributes to the development of the shadow trading sector. Therefore, the immediate task of the department is to take control of the cryptocurrency regulation process in order to avoid the problems mentioned above.

Technical aspects

The creators of the new money did not come up with anything new, preferring the Blockchain technology already proven by Bitcoin. It is Blockchain that can become the basis of a new currency. As an alternative, another option is being considered - the use of bitshare technology, which is a cryptocurrency exchange platform operating on the principles of decentralization.

To date, testing of the platform for Bitruble is still underway, and there are no final results. The main task of the developers is to make the system reliable, user-friendly and adjust it to the current legislation. In particular, the emphasis is on the ability to identify users of the system.

When creating Bitruble Qiwi, the position of the head of state also plays a key role. In particular, V.V. Putin, regarding Bitcoin, said that the use of this cryptocurrency for settlements in limited areas is permissible. On the other hand, the President noted the existence of a number of difficulties associated with the use and inability to control transactions with cryptocurrency. In particular, he noted the lack of security and protection from the state, which increases the risks for users. 

Appointment

The Qiwi company believes that the new currency can become a full-fledged replacement for Bitcoin. Today Bitcoin is already banned in many countries of the world, for example, in Ecuador, Vietnam, Bolivia and others. Cryptocurrency transactions are under scrutiny in Russia as well. On the other hand, in the developed countries of the world, Bitcoin is not even thought to be banned. The main task of governments is to regulate a promising market. At the same time, many companies are actively working with cryptocurrency, including the well-known company Microsoft.
 

The intentions of the developers

As conceived by the creators, the new system should be launched in 2016. The purpose of the new cryptocurrency is to simplify payments that are made via the Internet (payments for services and goods, exchange processes for another currency, transactions and other operations). As in the case with other currencies, the Bitruble exchange will have to be carried out taking into account the market rate.

As mentioned, the new system is under development. Therefore, its scope is not fully understood. Financiers believe that the Qiwi developers can go two ways - create an individual product or use the Bitcoin cryptocurrency as a basis.

The issue with the Central Bank of the Russian Federation, which is wary of transactions with cryptocurrency, has not been fully resolved. The heads of the structure believe that the funds can be used in illegal actions, namely in the financing of terrorism or money laundering. There remains a high risk of cryptocurrency participation in numerous scams. So, while the discussion of the Qiwi Bitruble topic is under consideration, it is not entirely clear what the solution will be.