Top 5 Cryptocurrencies to Invest in Russia in 2018

Anisa Batabyal
| 06 May, 2020 | 2 min

Russia has been embracing cryptocurrencies with an open arm, even after cryptocurrency regulation in Russia. Not only that, they have started using it more often after the president, Vladimir Putin himself addressed questions regarding cryptocurrencies in Moscow. The Russian Ministry of Justice- Alexander Konovalov added to the hope and confirmed that Russia is not banning cryptocurrency, but identified it as a property, instead. Russia has produced lots of prominent figures in the crypto world, including Vitalik Buterin and Igor Barinov. Some of the other names associated are Aleksander Ivanov, founder of the Waves Platform; Sergei Chekriy and Yury Mukhin are two Russian entrepreneurs behind I-chain, an open sourced blockchain platform for the $4+ trillion global insurance market; Alex Fork, CEO of Fintech firm Humaniq; Alex Fedoseev, and many more.

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According to a survey, cryptocurrency is the primary source of income for 12% of the Russian speaking crypto users, and more than 90% of the respondents expressed their desire to use digital coins as a means of payment, out of which 1/4th of those being surveyed are already doing that. 40% of the participants view cryptos like bitcoin as a good long-term investment. So, in a country, where almost all the masses have approved cryptocurrency, don’t you want to know the cryptocurrencies being widely used in Russia.

Let’s have a look at the best Russian cryptocurrencies, which need not be originated from Russia.

  1. Bitcoin

Bitcoin (биткоин) will stay as number one, not only by market capitalization but also as the top Russian cryptocurrency, that is being widely used in Russia. As we know the FIFA 2018 world cup has been hosted by Russia, where football fans were allowed to pay with Bitcoin for their accommodation when they visited Kaliningrad, FIFA host city in Western Russia. So it is being used as a payment medium. After the payment for goods/services is done, it can act as a link to forms of real-world identification, like addresses and bank accounts.

The majority of Russian crypto owners possess Bitcoin (55%), which gives you an idea of the extent at which Bitcoin is used, right from the purchase of furniture to purchasing a real estate or a new car.

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  1. Ethereum

Ethereum is the creation of Russian born Vitalik Buterin. It is one of the esteemed cryptocurrencies in Russia. Russia introduced Ethereum blockchain in the voting system to make it more transparent. Using an existing program called Active Citizen, Moscow had put in some efforts to soothe people's concerns over transparency in vote counting and added a private version of the ethereum blockchain in Russia to that project's architecture.

Not only that, Russia may introduce Ethereum blockchain to transfer payments on SPFS, its domestic version of SWIFT by 2019. By integrating it for SPFS, the system could even become “more reliable” than SWIFT, which has been plagued by hacks and security concerns in recent years. The Central Bank of Russia is considering using its Masterchain blockchain software in order to transmit SWIFT financial messaging across Eurasian Economic Union (EAEU). As we know, The Central Bank of Russia has been actively involved in the cryptocurrency and blockchain space and has taken a particularly strict approach to the latter.

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  1. Golos

Golos is a Russian cryptocurrency, which is the Russian version of STEEM coin, which is the most popular blockchain-based social network. It was conceived and developed by Cyber Fund, a renowned Russian cryptocurrency organization in late 2016. The team used Steem’s technology to create a separate and similar website for the Russian-speaking community. Essentially, they forked Steem blockchain. Since then, Golos (Russian cryptocurrency name), has become a reputable network destination for its target audience, which is mostly Russian.

Like Steem, Golos also enables its users the opportunity to vote for posts with tokens instead of likes. Golos incentivizes the users for writing high-quality content and blogs. GOLOS creators realize the value of potential Russian speaking investors as Russian is the second or third most popular language on the Internet spoken by 300,000,000 people.

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  1. Litecoin

Litecoin also is a part of the list, which has been extensively used in Russia. Two of Russia’s largest banks- Sberbank and Alfa-Bank re-testing cryptocurrency-based investment options for retail investors. Those assets will, actually, take the form of six cryptocurrencies – including Bitcoin, Bitcoin Cash, Ethereum and Litecoin – which will form an investment portfolio. This move comes as Russia prepares to enact binding laws governing cryptocurrencies and blockchain technology, that will see crypto become formally defined, legalized investment assets under Russian law.

People who can’t buy Bitcoins, get easily converted to buying Litecoins, as both are having similar properties.

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  1. Dogecoin

Dogecoin was started as a joke, right. But, who knew that Russia, one of the biggest cryptocurrency inclined country will take it to another level by allowing it as a payment option, during the World Cup, which is a global affair. A chain of apartments known as Apartment Malina, partnered with the Free Kassa Wallet to process payments at their establishment. Dogecoin is part of the list of cryptocurrencies that the Free Kassa Wallet supports, which means that there is real life adoption of the coin that was created as a parody of Bitcoin (BTC).

This real-time use case of Dogecoin really took it to a very significant level, because of which its value also increased.

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