Russia’s Biggest Social Network Could Launch Own Crypto – Report

News and Analysis

Vkontakte, the biggest and most popular social media in Russia, might join the ranks of Facebook and Telegram and launch its own cryptocurrency. As reported by local publication RNS on Friday, March 29, Vkontakte is looking into the question.

No details were revealed at this point, however it is believed that with the proposed cryptocurrency, almost 100 million Russian speaking users worldwide will be able to create individual compounding accounts on a monthly basis.

Account holders could, for example, accrue tokens for completing certain actions on the platform . The tokens could be “accumulated, sent to other users, exchanged for goods” or used to pay in stores or online using VK Pay, VKontakte’s electronic pay platform.

Also, taking into the account the time spent online, the users are said to receive rewards for their activity, including creating and sharing new content.

No ultimate decision has been taken so far; Vkontakte representatives have made no official comments either.

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