Russian Social Media Giant VKontakte May Launch its Own Crypto

Russian social media large VKontakte is rumored to be growing its personal cryptocurrency, based on a brand new report from Russian native information supply RNS. However, based on the identical report, the ultimate choice to really launch the cryptocurrency has not but been made.

Neither VKontakte itself nor its creator, Pavel Durov, have commented on the agency’s alleged plans. Durov can also be the founding father of encrypted messaging app Telegram, which can also be set to launch its personal cryptocurrency by October this yr following a record-breaking fundraising spherical final yr.

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However, if VKontakte does go forward with the challenge, its 100 million-plus customers may have entry to the brand new cryptocurrency.

According to a presentation acquired by RNS, every registered person on the location will mechanically be given their very own cryptocurrency account: “the present configuration of the challenge includes the creation of particular person accounts for the buildup of cryptocurrency to all customers of the social community.”

Users can even have the chance to make use of the cryptocurrency to monetize the content material they create and add to the location. According to RNS, account holders “will be capable to share the [cryptocurrency] with the authors of publications. Similarly, this might work with ‘reposts’ and feedback.” (Translated quote.)

Coins earned on the platform may then be exchanged between customers, exchanged for items and companies, and transformed into money via VK Pay. VK Pay is an digital cash switch service launched in June of final yr.

Social Media Giants Gravitate Toward Crypto; Russian Government has Unclear Intentions

If VKontake launches its personal cryptocurrency, will probably be one in every of a rising variety of social media platforms to take action. Facebook’s WhatsApp, Telegram, and Kakao have thrown their very own hats into the crypto ring over the course of the final yr–nonetheless, none of their crypto-related merchandise has been efficiently launched simply but.

Each of those corporations has its personal causes for taking their candy time in launching their merchandise.

Possible hesitation over whether or not or not VKontakte will launch its personal cryptocurrency may very well be because of the Russian authorities’s regulatory angle towards cryptocurrency, which is considerably unclear. In February, Russian president Vladimir Putin ordered the federal government to create and implement cryptocurrency laws by July 1st of this yr.

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David is the founder of The firm originates business financing for companies of all size in the Canadian marketplace . Originations include business loans, term loans, asset based lines of credit, SR ED Tax credit financing , and receivable financing .

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