Moscow Wants To Create Its Own Virtual Currency Named Moscowcoin

Right after Russia announced the creation of its own national cryptocurrency named CryptoRuble, the city of Moscow is looking at a similar initiative. In a crypto market that is booming as the one nowadays, they are planning a strategy to create a coin named Moscowcoin – which will be an official cryptocurrency of the city.

Is Moscowcoin A Real Thing?

At this point, a lot of people doubt the possibility of Moscowcoin and tell that it is only a myth. However, it is easy to believe that Moscowcoin is becoming a reality only because of CryptoRuble, the national cryptocurrency of Russia.

Even though these two would somehow be rivals, they can both add up to the country’s (and city’s) economy and get along pretty well. In the words of Vladimir Eftimov, the head of Moscow’s Department Of Developmend, “Moscow authorities are discussing about the introduction of a cryptocurrency. This coin could be used by residents in the city web portal: active citizen”

The next step is to see if Moscowcoin is going to be developed or not. This is somehow a matter of law and Russia is taking different steps to control the decentralized cryptocurrencies as this one.

Moscowcoin & CryptoRuble Need Some Time To Be Developed

What’s certain is that both Moscowcoin and CryptoRuble are in development. And while CryptoRuble has been officially announced, everything needs to be properly set up and prepared at this point.

The world has not seen any national cryptorurrencies which puts Russia in a unique place and once again scratches the surface of possibilities when it comes to virtual currencies and their endless possibilities.

In the meantime, Russia is doing everything to analyze the possibility of regulating cryptocurrency fundraising in its territory and clarifying new rules aimed towards this market.