The “Facebook Of Russia” Is Set To Launch It’s Own Crypto

Known as VKontakte aka VK or affectionately known to the rest of as the Facebook of Russia is rumoured to be developing its own cryptocurrency.

Users will be able to earn the upcoming cryptocurrency to purchase and sell goods using VK.

The report was first shared by the Russian news outlet RNS. Furthermore, VK is also developing its own cryptocurrency which all its users will be able to use with its user base boasting a notable 97 million active users.

According to the RNS report, VK users will be able to earn crypto by interacting with the site. For example, it is reported that users will be eligible to earn crypto by simply receiving likes or sharing specific posts.

Furthermore, users will be able to use the cryptocurrency in order to sell and purchase goods to each other across the platform and will be able to send funds via the use if VK Pay.

VK Pay is the social media platforms existing cashless money transfer system.

All that being said, according to RNS, VK has not come to a final decision as to whether it should launch the cryptocurrency or not.

The functionality behind the technology be developed bodes well for fans of cryptocurrency and VK, and due to VK holding significant influence in Russia, the launch of its cryptocurrency could ultimately lead to bolstering the adoption of the technology as a whole.

Is Russia Ready For VK Coin?

With all that being said, Russia hasn’t really had a solid approach to cryptocurrencies. The Russian president Vladimir Putin has previously expressed some uncertainty towards Bitcoin – although he recently set a July 2019 deadline for securing cryptocurrency regulations in the nation.

Despite this, the chairwoman of a group within the Russian State Duma – Elina Sidorenko has warned that Russia may not be ready to adopt cryptocurrencies for many years to come.

She added:

”The Russian Federation – like any other country in the world – is simply not ready to combine its traditional financial system with cryptocurrencies […] and to say that this idea can be implemented in Russia for at least the next 30 years is unlikely.”

With all the abovementioned possibilities its highly unlikely that VK will be able to beat Facebook to the launch of a social media platform-based cryptocurrency.