Home CryptoNews Companies Russia’s Version of Facebook, VKontakte to Issue Its Own Cryptocurrency

Russia’s Version of Facebook, VKontakte to Issue Its Own Cryptocurrency

VKontakte, famously known as VK, the Russian Facebook aims to turn its over 97 million users into cryptocurrency fans. In as much as the platform has not yet made a final decision on issuing its own crypto coin (that can be implemented by all its users), the project is already under development.

This hesitation might be due to the Russian government’s regulatory attitude towards crypto coins. The regulations are to be enforced by the 1st of July this year according to the orders made by the Russian president, Vladimir Putin. Pavel Durov, the creator of VK and founder of the Telegram has neither denied nor confirmed the platform’s alleged plans to launch its own crypto coin.

VKontakte, famously known as VK

According to a news source, the current configuration of the project involves the creation of individual accounts for the accumulation of crypto coins to all VK users. The social media giant aims to obtain crypto coins by charging coins to users for the time they spend on VK. This way:

  • The crypto accumulated is transferred to other users for real world assets and then converted through the VK Pay, VKontakte’s payment system. Launched in June last year, the platform allows users to make purchases and pay for services in a special section on VKontakte and on VK Pay partner sites.
  • Users will be able to receive crypto for interesting publications posted on the social network.
  • Users will also be able to share crypto coins with the authors of publications. The platform aims to apply the same on reposts and comments.

Other Social networks looking to Launch Their Own Crypto

A lot of social media platforms are catching up with the current trend in the digital assets industry. Some examples include major social network platforms such as WhatsApp, Telegram, Line, and Kakao.

Apparently, Facebook is also working on releasing its own crypto coin through which WhatsApp users can send and receive payments to each other. Facebook is quite bold and clear on this move that it has already started reaching out to crypto exchanges with an aim to list the new coin. The fact that Facebook cannot be trusted to be a secure platform raises a lot of questions concerning this move.

Alexis Von Loh
Alexis Von Loh
Alexis is the Chief Editor of Crypto Economy, is responsible for reviewing articles, training new editors and implementing new strategies to the editorial team. She arrived in the world of cryptocurrencies in January 2017 and since then has not stopped training and studying about the sector, blockchain and the new projects that appear.
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