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Topic: Russia to create its own currency ? (Read 879 times)

legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
March 17, 2014, 09:34:17 PM
#12
Highly unlikely they will create a new crypto, I think they will just use gold.

An economy can't just use gold as it is too limited for daily use. This was why paper money was invented, hundreds of years ago.

Now, Russia could create a gold-backed ruble, and this would be good, but the problem is that the central bank can't be trusted to limit the ruble circulation to the amount of gold it has in vaults. Also, it would eventually be forced to print, because of fractional reserve banking. So the choice is really fiat all over again, or crypto.

sr. member
Activity: 374
Merit: 250
March 17, 2014, 09:27:13 PM
#11
Highly unlikely they will create a new crypto, I think they will just use gold.
member
Activity: 112
Merit: 10
Cryptocurrencies Exchange
March 17, 2014, 07:30:56 AM
#10
Well Ruble is doing rather bad and government wont just giveaway possibility of executing monetary policies. It is just another coin with some nice PR or another rumors pretending to be news...
legendary
Activity: 938
Merit: 1000
chaos is fun...…damental :)
March 17, 2014, 06:55:28 AM
#9
there is a small chance to be gold so pray to the all know gods to be gold Tongue
sr. member
Activity: 434
Merit: 250
March 17, 2014, 06:51:51 AM
#8
No i don't think the goverment would allow this.
legendary
Activity: 3752
Merit: 1217
March 17, 2014, 06:50:49 AM
#7
They will probably switch over to Euro or CHF from USD.
legendary
Activity: 2114
Merit: 1040
A Great Time to Start Something!
March 17, 2014, 01:57:00 AM
#6
Doesn't Russia use rubble as its currency?  Wink

The rouble is a piece of junk. I am amazed any Russians have any faith in it at all.

http://www.zerohedge.com/news/2014-03-16/russian-hyperinflation-deja-vu


The Russian Ruble has devalued against the USD over 11% in the last few weeks (at an annualized pace of 91%)...
^^^
So any Russian who invested in Gold or bottles of Vodka is relatively wealthy now.*
*Unless they drank too much Vodka.
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
March 17, 2014, 01:40:29 AM
#5
Doesn't Russia use rubble as its currency?  Wink

The rouble is a piece of junk. I am amazed any Russians have any faith in it at all.

http://www.zerohedge.com/news/2014-03-16/russian-hyperinflation-deja-vu
sr. member
Activity: 266
Merit: 250
March 17, 2014, 01:37:35 AM
#4
Russia should just adopt Bitcoin and accept only Bitcoin payments for its oil and gas.
legendary
Activity: 1512
Merit: 1000
The Dude Of DopeCoin
March 17, 2014, 12:41:33 AM
#3
Doesn't Russia use rubble as its currency?  Wink

It's extremely unlikely that they would try this, but if they did, it would end up like future Aurora and future Spaincoin (shitty premined pump-and-dump) but with even less originality.

Good points about Aurora and SpainCoin.   And yes , RUBBLE COIN! LOL
sr. member
Activity: 350
Merit: 251
March 17, 2014, 12:17:44 AM
#2
Doesn't Russia use rubble as its currency?  Wink

It's extremely unlikely that they would try this, but if they did, it would end up like future Aurora and future Spaincoin (shitty premined pump-and-dump) but with even less originality.
legendary
Activity: 1512
Merit: 1000
The Dude Of DopeCoin
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