February 20, 2024

CryptoBank is ahead of the Central Bank of Russia in the creation of Crypto Ruble

CryptoBank is ahead of the Central Bank of Russia in the creation of Crypto Ruble

A few months ago, a bill was developed in Russia to regulate decentralizedproperty, implying the creation of its owndigital currency. While the Central Bank of Russia is moving forward in implementing the idea of ​​creating a national cryptocurrency, a team of developers from the blockchain startup CryptoBank made this idea a reality. Startup CryptoBank created a crypto ruble - a decentralized, volatility-free cryptocurrency linked to the Russian ruble.

In addition to crypto ruble, the project also includedcryptocurrencies such as cryptodollar, crypto-euro, and crypto-yuan are represented. Each currency is processed in a separate blockchain and has a fixed cost corresponding to a similar fiat currency. So 1 crypto ruble = 1 Russian ruble, 1 crypto dollar = 1 US dollar, 1 crypto euro = 1 euro, 1 crypto yuan = 1 yuan (CBD = USD, CBE = EUR, CBR = RUB, CBY = CNY). These cryptocurrencies can be either purchased or sold on the cbex.co.in platform.

To be able to provide properprice stability, the project uses the method of supporting ratios in the backup storage and diversifies the funds. At the same time, CryptoBank does not need to store reserves in traditional financial institutions.

Unlike fiat currencies, which are subject toregulation by the central authorities of the country in which they are issued, the CryptoBank cryptocurrency is decentralized, and therefore does not fall under geopolitical and age restrictions.

CryptoBank tokens have a number of advantages not onlyover fiat, but also with cryptocurrencies such as Bitcoin, Ethereum, etc. They are convenient not only for paying for goods and services in everyday life, but also if it is necessary to preserve the value of assets.

Cryptocurrencies are celebrated todaysignificant volatility and constitute a speculative instrument in the market. Owners of CryptoBank tokens will be able to take full advantage of the blockchain technology without experiencing volatility, thanks to the anti-inflation algorithm used in CryptoBank mining algorithms. This is necessary so that market participants can interact in their usual conditions and CryptoBank is ready to help them in this.