The United Kingdom and Russia are getting ready to launch their own cryptocurrencies

The United Kingdom and Russia are getting ready to launch their own cryptocurrencies

There may appear two more national cryptocurrencies in the world - cryptoruble and cryptopound: as it became known, Russia and the United Kingdom are actively developing their own virtual currency. It is critical to note that each country has its own reasons for creating a cryptocurrency. Thus, Moscow wants to find one more way to circumvent western sanctions, while London follows more progressive goals – to rise the non-cash transactions.

A special agency has already been formed in Russia in order to create a cryptoruble. But experts say that it will still take much time before the real release of the russian virtual currency occurs. As it is known, the Russian economy was under the yoke of western sanctions due to the events in the Crimea and Donbass in 2014. The United States banned Russian state-owned companies, agencies and officials from the president's environment to make transactions with the dollar, which significantly limited the possibilities for external financing of the Russian Federation. Therefore, if Russia has its own cryptocurrency, it will become possible to circumvent the sanctions with its help then, as far as the cryptocurrency operations are anonymous, encrypted and can’t be regulated.

And a cryptopound can be put into circulation this year by the Bank of England. It will be tied to the traditional currency - the pound sterling. It is expected that many banks will prefer to store their savings not in physical, but in digital currency after this event. This is supposed to improve the security of the customers' accounts and cash transactions. The idea of creating a cryptocurrency itself appeared in the UK in 2015, when the digital money didn’t bring that much excitement yet.

According to analysts, national cryptocurrencies represent an important step in the development of virtual money. If not only IT-specialists, private banks and big businessmen became interested in cryptocurrencies, but also entire countries, this means that the cryptocurrency may have a great future. Interest in it is only rising and traders have got an excellent opportunity to make money on it this way by predicting its rates growth or fall.

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