New state-backed cryptocurrency which will be pegged to the Russian ruble is likely to be launched according to the latest crypto news coming from Russia where the chairman of the Duma Committee on Financial Markets, claimed that they are considering this possibility.
The Chairman Anatoly Aksakov while speaking at a press conference about the increasing household debt load, expressed his excitement that the government is planning to back a cryptocurrency which will, of course, be, ruble-pegged. The new coin will be a blockchain powered stablecoin 1:1 pegged to the Russian Ruble.
Aksakov described how the stabelcoin could be created explaining that the cryptocurrency will be eventually backed by a banking deposit. Right after that, the banking institution will issue a corresponding amount of crypto assets to the above mentioned 1:1 proportion.
The new cryptocurrency will be backed by the central bank since it’s backed by fiat currency.
According to Aksakov, all major cryptocurrencies such as Ethereum and Bitcoin are ‘’doomed’’ in the near future simply because they are not backed by anything. This is one of the reasons why the new Russian draft law ‘’On Digital Financial Assets’’ removed the definition of crypto mining.
This idea about launching a ruble-backed cryptocurrency was first announced in early 2018 where the Russian Association of Cryptocurrency and Blockchain said that the coin will be launched in 2019, possibly mid-year.
However, despite the excitement and the desire to work on the coin, there is still no movement whatsoever on this issue. Government officials, on the other hand, claim that the issuing of the cryptocurrency will be very fast due to the existing programmatic tools they have.
Where Does Bitcoin Cash (BCH) Stand The Day After The Fork?
“Even if the SV mining collation do catch up with ABC or if they manage to do hostile chain re-orgs, its highly unlikely BCash ABC users & investors will ever switch to follow SV. ABC users just need to be patient & wait it out. @CalvinAyre & the SV miners will eventually give up,” BitMEX wrote on Twitter, doubling down on Jonathan Bier’s pre-fork prediction that miners would ultimately abandon the BSV fork.Currently, people are wondering how does the BCH hard fork affect other projects such as Bitcoin. The good news here is that the fork has no effect on BTC other than making it even less likely that Bitcoin Cash (BCH) will overtake Bitcoin (BTC) and claim its mantle.
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‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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