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Russia has decided to begin work on a new national digital currency, the Bit-ruble, that will be managed and overseen by the state central banking system, according to late evening reports out of El Mundo in Spain.
While a new digital currency proposed by payments services company Qiwi, dubbed the BitRuble, has led to harsh criticism from a top Russian official, the head of the country’s largest bank Sberbank has admitted to owning bitcoin.
Russian payment service provider Qiwi has reportedly invested “several hundred million rubles” to develop the first cryptocurrency designed for the Russian market.
Russian payment service provider Qiwi has registered all domain names such as bitrouble.com, bitrouble.org, bitru.rf, and bitrub.li, according to the Russian newspaper “Kommersant.”
Payment service provider and future BitRuble issuer Qiwi are launching a series of blockchain focused master classes called “Promising Distribution”
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Russian authorities issued an official warning to block Qiwi and Skrill, gave them three days to comply with the order.
In its war against online gambling, Russian authorities are now targeting major online payment services.Qiwi and Skrill.
Recognizing the potential for development of blockchain technology in the country, Russian payment operator Qiwi is seeking to establish a consortium of banks similar to the New York-based R3.
What are the ways to break down entry barriers to digital money? Three companies - CoinsBank, QIWI and Genesis Mining - suggest their answers to this question.
Russian Ministry of Finance proposed to introduce imprisonment for issuing and using “money substitutes”. One of the such currencies is BitRuble.
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