Russian Cryptocurrencies: how are they trying to create a crypt in the Russian Federation
Russia is not the most popular destination for developers of crypto projects. The legal framework for digital assets has not yet been fully formed in the Russian Federation, so many issues remain in the gray area. Nevertheless, there are several crypto projects with Russian roots on the market.
- Prizm
Prizm is a scandalous crypto project, which, according to some reports, is backed by former Kursk NPP engineer Alexei Muratov, head of the Donetsk People's Republic Denis Pushilin and former deputy of the City Duma of Desnogorsk Andrey Kramar. The company was remembered by market participants due to its extraordinary marketing moves. For example, in 2019, the developers held a rite of consecration of their cryptocurrency.
In its structure, Prizm resembles a classic pyramid scheme. Developers offer investors to attract users in order to get new earning opportunities. Despite years of talk about the imminent collapse, the project continues to exist. Judging by the activity on social networks, developers periodically manage to attract new investors.
- Cryptorubbles
Attempts to create a crypto ruble were conducted long before the Bank of Russia introduced the concept of a digital national currency. At the same time, some projects in which the developers created a new form of "wooden" were conducted outside the Russian Federation. For example, in 2020, the MonolithosDAO project introduced the first ruble-denominated stablecoin. As it was later found out, the work on the project was conducted from Spain. The investigation revealed that MonolithosDAO turned out to be a copy of MakerDAO. The team of the original project, in an interview with the editorial board of BeInCrypto, clarified that they do not know anything about their followers.
MonolithosDAO has had no social media activity since 2021. The project, apparently, is closed.
- Other Russian cryptocurrencies
There are many other crypto projects on the market that are somehow connected with Russia. For example, the PutinCoin (PUT) coin is available to investors. The name of the cryptocurrency is a reference to the name of the President of the Russian Federation.
The coin was launched in 2017. According to the developers, with the help of PutinCoin, they show how blockchain technology unites people.
Another example of a Russian cryptocurrency is SIBCoin (SIB). This is a domestic coin, which the developers, judging by information from social networks, positioned as an alternative calculation tool. The project's website and other resources, as of the time of writing the review, are not functioning.
There were also "stellar" attempts to launch a Russian cryptocurrency. For example, singer Olga Buzova had her own coin. Unfortunately, the cryptocurrency has not proved to be in demand.
Unfortunately, there is not a single truly in-demand, safe and effective Russian cryptocurrency on the market. It can be assumed that in the future attempts to create such a tool will be made with less frequency, since the Bank of Russia entered the arena with its digital ruble. Despite the fact that the Central Bank's instrument has little in common with cryptocurrency, the regulator is unlikely to allow even a shadow of competition.
