• November 28, 2020

Russia’s Social Network To Launch its Own Cryptocurrency

Russia’s Social Network To Launch its Own Cryptocurrency

Vkontakte, one of the largest social network platforms in Russia is planning to launch its own cryptocurrency. This platform is part of the Mail.ru Group in Russia.

According to RNS, Vkontakte’s plan to create a cryptocurrency of its own is being made but they have not specified the time when it will be exactly be launched.

It also seems that the Vkontakte is following the footsteps of Facebook, which is also planning to release its own cryptocurrency.

As per Vkontakte their platform has over 97 million users active on its social media platform per month and these users will be able to use and transfer the cryptocurrency.

How do Users Get Crypto on Vkontakte?

Based on the RNS report, Users get rewarded in crypto for spending time on the social network and also publishing interesting posts on it. After getting this the users will be able to transfer it to other users also buy tangible goods and convert it to VK Pay.

VK Pay is a payment service launched by Vkontakte in June 2018. Using these services uses will be able to pay for a special section on Vkontakte and other website using VK pay.

Currently, there is no official statement given by Vkontakte. And their press team has declined to comment regarding the launch of their own cryptocurrency.

Also, the social network might need the support of the government. Because last year we had seen popular messaging platform WeChat has prohibited crypto transactions on their platform. This was due to the blockage implemented on crypto by the Chinese government.

There is potential for social network platforms to incorporate cryptocurrency with their platforms. Because they already have the users who are active on the platform and this will encourage them to use crypto for various transactions.

What do you think about Vkontakte launching its own cryptocurrency? share your thoughts in the comment below.

Finance

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