The Russian version of Facebook, VKontakte (also known as “VK”), is planning to issue its own cryptocurrency. The entire plan is under development, and the final decision has not yet been revealed.

The Russian website, RNS states that the social media firm wants to create a cryptocurrency that all its users can implement. Russian Facebook is popular in Russia. The social media firm claims that it has over 97 million active users monthly.

VK LAUNCHED MONEY TRANSFER SYSTEM IN 2018

Provided that the plan goes according to what is decided, VKontakte users will be able to earn crypto for sharing interesting posts and accumulating “likes.”

VK Pay is the cashless money transfer system that VKontakte launched in June 2018.

VK Pay will help the users to transfer funds. The digital currency will be used to buy and sell goods to each other. However, it’s unclear how VKontakte’s cryptocurrency would be received in Russia, which has a lukewarm attitude toward virtual currencies.

As CCN reported, Russian president Vladimir Putin is a bitcoin skeptic, although he has warmed up to crypto a bit.

Putin recently set a July 2019 deadline for crypto regulations to be established in Russia. However, it’s questionable whether these rules will be rolled out this year since this initiative was previously delayed.

Last year, Putin set a July 2018 deadline for the implementation of guidelines for Bitcoin Trading, initial coin offerings, blockchain, and crypto mining. But those regulations never materialized.

About VK

Russia has its own social media platform known as VK. VK is an abbreviation for its original name VKontakte; Russian: ВКонта́кте, meaning InContact). The social networking site is based in Saint Petersburg. VK is available in various languages but it is especially used by Russian-speakers. Just like Facebook, which is immensely popular globally, VK allows users to message each other publicly or privately; create groups, public pages, and events; share and tag images, audio, and video; and play browser-based games.

VK claims that in August 2018, it had at least 500 million accounts.VK is ranked 15th (as of February 2019)in Alexa’s global Top 500 sites. It is the most popular website in Russia. According to SimilarWeb, VK is the 9th most visited website in the world. As of March 2018, VK also ranked as the most popular social networking website in Belarus and Kazakhstan in addition to Russia.

What are your views about VK launching its own digital asset? Let us know in the comments section.