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What is Bitruble?

In 2016, the Qiwi payment system announced its intention to "free float" an internal cryptocurrency called Bitruble. According to the developers, the monetary unit can be used to make purchases (pay for services and goods), conduct exchange transactions or transfer to other EPS. The idea looks attractive, but the question of its implementation is still in the air.

Currently, the employees of the system continue to develop the cryptocurrency and resolve organizational issues. The platform is being tested for ease of use and reliability of virtual money. At the same time, there is no exact date when the Qiwi Bitruble will appear in users wallets. Experienced market experts are confident that a company can change the course and work only in a one-way direction - selling a product for the national currency, but without the possibility of buying it. Time will show how it will be in reality.

What are the features of Bitruble?

The developers assure that the new money will be more reliable than the existing Bitcoin. They are based on the tested and time-tested blockchain technology, which is not banned, and does not raise concerns among government agencies. On the other hand, the creators of Bitruble are in no hurry to reveal the intricacies of its work. They declare that the whole process is at the stage of approval, so it is too early to talk about specific terms and technical aspects. There are still many consultations and resolution of disputes with the controlling government agencies ahead.

The representatives of the payment system will have to prove that the new money has no connection with the existing unit of Bitcoin or other cryptocurrencies. At the same time, experts are confident that when creating Bitruble Qiwi, it is possible to use a different technology - Bitshares. In fact, we are talking about a cryptocurrency exchange that does not have a common control point. It is planned that the use of such a trick will help circumvent existing bans and release the currency on the market.

Will Bitruble Qiwi Allow Central Bank?

The decision on the access of new money to the market will be made by the Central Bank of Russia. At the same time, the payment system did not put forward positions and did not disclose the essence of the mechanisms that would control the interaction of new money with existing systems. Just two years ago, representatives of the Central Bank said that virtual currency is dangerous and cannot be allowed due to the high risk of financing terrorism in the country. A similar idea was confirmed by Elvira Nabiullina (Chairman of the Central Bank of Russia).

Already six months after the statement of high-ranking officials (at the end of 2014), a bill was developed, according to which penalties are imposed for the use and distribution of Bitcoin. The same punishment applies to manipulations with the use of other cryptocurrencies. As soon as Kiwi proposed introducing Bitruble, the government started talking about a tougher punishment for using virtual money - criminal liability. For violating the law, a person can go to jail for up to two years with the obligatory blocking of the resource where such transactions are carried out.

The idea of banning cryptocurrencies is supported by more and more financial specialists and representatives of the Government of the Russian Federation. They refer to the fact that the main currency of the country is the ruble, and the use of other money (until the appropriate permission is issued) is considered a violation of the law.

Why is Bitruble so good?

Despite the active discussions between Qiwi representatives and the governing bodies of the country, few ordinary people know the principles of the already existing cryptocurrency. The current system is accountable, but such control is not carried out centrally (as is the case with fiat money), but personally by network users. Each wallet and cryptocurrency owner can check the chain for correctness and the absence of fraudulent actions on the part of third parties.

Practice has shown that concentration of management in one hand carries high risks associated with loss of access to history, suspension of financial transactions or fraud. The new Qiwi Bitruble will be protected from current problems. The developers plan to take as a basis, but slightly modify the already existing Bitcoin rules regarding the limited emission, confidentiality and convenience of transactions.

As conceived by the creators, no restrictions are planned for the new currency, and the emission of money will be made only in case of urgent need. It is planned to make changes to the principles of complete confidentiality. Against the background of existing laws, a decision will most likely be made on simplified user authorization.

Difficulties with the legislation do not yet allow a new currency to be earned. But there is confidence that Bitruble will be able to win the hearts of users. All that remains for ordinary people is to observe the development of events and await the final decision.

The events that took place at the end of the summer, in particular, a sharp change in the government vector in relation to cryptocurrencies, gives the Qiwi administration hope that everything will change for the better. This can be the statement of the EPS management, which says - Qiwi, in the next 5 years, will rebuild the processing system to use the technology of distributed ledgers (blockchain). It is known to be the backbone of the financial power of Bitcoin and cryptocurrencies in general.