Russian social media giant VKontakte, commonly called "VK", is working hard on developing a crypto-currency. This comes amid reports that social media giant Facebook is also investigating the possibility of issuing a crypto-currency.
Users will supposedly be able to win criptomoeda to buy and sell goods using VK
In addition, this report was shared for the first time by the Russian news channel RNS. In addition, VK is looking to create a crypto-currency that can be used by all its users. For reference, the VK has a considerable active monthly user base of 97 million users.
According to the RNS report, users are likely to win crypto coins through interaction on the site. For example, it is mentioned that users can receive encryption from receiving tanned or sharing interesting posts.
In addition, it is said that users will be able to use the digital currency to buy and sell merchandise to each other through the platform, as well as to send funds through the use of VK Pay. VK Pay is a cashless money transfer system integrated with the VK platform.
However, it should be noted that the RNS part also adds that no final decision has yet been taken as to whether VK should launch cryptocurrence or not.
This functionality for the technology is currently being developed as a good omen for fans of VK and cryptocurrency. In addition, VK has a significant influence in Russia, and the launch of VK's own crypto-currency could subsequently promote the adoption of the technology as a whole.
Is Russia ready for a "VK currency"?
With that said, however, Russia has already taken a somewhat disinterested approach to crypto-coins.
Russian President Vladimir Putin has previously expressed some skepticism about Bitcoin – although he has recently set the deadline of July 2019 for the establishment of crypto-rules in the vast country.
However, Elina Sidorenko, the chairwoman of a group within the Russian Duma that seeks to manage the risks of a criptomoedas spin, warned that Russia may not be ready to adopt crypto-coins for many years.
The Russian Federation – just like any other country in the world – is simply not ready to combine its traditional financial system with crypto-crashes […] and to say that this idea can be implemented in Russia for at least the next 30 years is unlikely. "
VK is often referred to as the "Facebook of Russia", and this seems to be a fitting epithet in this case as well. Specifically, reports have insisted that Facebook is currently exploring the possibility of launching its own stablecoin owner.
With that being said, it remains to be seen whether VK can beat Facebook for the launch of a crypto-based social media platform.
Image by Marina Stroganova of Pixabay
Rasmus Pihl is a Toshi Times writer for the day and an avid follower of the cryptomoedas sector at night. Rasmus holds a Bachelor's degree in Marketing from the Gothenburg School of Business, Economics and Law and runs a Swedish marketing consulting firm. Also, when he is not writing for the Toshi Times, traveling, working or changing the world in any other way, Rasmus is more than likely involved in graduate studies.