Russia to issue ‘CryptoRuble’

According to the Russian President Vladimir Putin, Russia will issue its own ‘CryptoRuble’
16 October 2017   1133

The local news resources claim that that Russian President, Vladimir Putin, has decided to launch the state cryptocurrency - CryptoRuble. In fact, the news broke through Minister of Communications Nikolay Nikiforov. The man argues that the authorities plan to launch its own currency just for one simple reason.

I confidently declare that we run CryptoRuble for one simple reason: if we do not, then after 2 months our neighbors in the EurAsEC will.
 

Nikolay Nikiforov
Minister of Communications

Nikiforov highlights the main characteristics of the CryptoRuble:

  • it is to be created using Russian cryptography
  • it is not to be mined
  • the issue is to be regulated by the state
  • the blockchain is to be closed

It is worth mentioning, that the news was made against the reports from China, where the authorities are also discussing the creation of a national cryptocurrency

What the future has in stock for CryptoRuble, remains to be seen. With completely opposite news about Russia's attitude to cryptocurrency, that will be quite intriguing. 

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   97

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.