Russia Steers Global Crypto Trend with Government-Backed ‘CryptoRuble’ Launch


It was a period of unprecedented ingenuity, wherein the lines of digital and physical domains became considerably blurred. The internet had birthed a unique kind of trade, slipped off from the conventional market dynamics and regulations – the cryptocurrency exchange. Just as the ‘roaring twenties’ marked an economic boom, so did the start of the second decade of the 21st Century for these digital assets.

Bitcoin, the standard-bearer for cryptocurrencies, rose exponentially in value in an incredibly short span of time. Such was its prominence and sway that it began to draw attention from republics worldwide and initiate conversations centred on virtual currencies in governmental circles.

It was, however, not an entirely smooth trajectory. As the rise of Bitcoin and other digital currencies was witnessed, numerous nations warmed to this idea, attempting to integrate and adapt to this shift in the financial landscape. At the same time, the inherent complexities associated with cryptocurrencies stoked fears and skepticism among others – a potential threat to their established economic structures.

Russia became the latest entrant on the stage. The nation’s legislature, after months of deliberations, chatter, and contemplation, finally broke its silence on its stance on cryptocurrencies. In an affirmation of the shifting global economic paradigm, the Russian parliament announced the approval of digital currencies.

Before the world could acquaint itself with this surprising revelation, another disclosure followed, adding to the intrigue. However, it wasn’t Bitcoin or its kin that would see the light of the day officially in Russia, but a local variant. Reports suggested that the nation was preparing to launch its own version of a digital asset.

Dubbed the ‘CryptoRuble’, it bore the promise of a new era. Because unlike Bitcoin or other massive digital coins, CryptoRuble was devised with explicit backing from a national government. The new cryptocurrency would exist within the ambit of a sovereign state’s economic policy, providing a potentially more stable platform, hence lowering the uncertainties and risks attached to other forms of cryptocurrency.

While the world watches with bated breath, this breakthrough paves the path for the exploration of an altogether different aspect of finance – an area not defined by physical locations or traditional banks. And as Russia takes a calculated leap into the future, the echoes of this development will undoubtedly cause ripples across the globe.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.


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