• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
ruble kolion

Russian Town Adopts Its Own Cryptocurrency to Replace Ruble

Matthew Hrones by Matthew Hrones
5 years ago
in Altcoins, Altcoin News, Blockchain, Emerging Markets, News, News teaser
0

Farms and businesses in the town of Kolionovo are adopting a new crypto-token, the Kolion, in loo of the ruble to transact.


Kolion: A Response to a Shaky Economy

Mikhail Shlyapnikov is a banker turned farmer that ran into issues when he tried to take out a loan out for his farm. Banks were charging absurd 12% interest rates for small business loans.

Instead, he opted to create his own currency that was to be used within his local community. He printed paper kolions until they were banned by a Russian court in 2015, later raising around $500,000 in April 2017 to create a crypto-kolion (KLN) via ICO. The emission of tokens was carried out on the WAVES blockchain platform, according to the Kolion whitepaper.

Kolionovo is a village located in the rural settlement Yurtsovskoe of the Egoryevsky district, in the Moscow region  of Russia.

“I didn’t want to suffocate and be a slave of the banks. So I had to invent my own money. And I did it. I’m my own bank, government, regulator, ” Shlyapnikov told CNN.

The token is backed by a stockpile of roughly 500 BTC worth around $3.7 million at market price. Shlyapnikov says theres around $2 million in kolions in circulation and the coin’s price has increased since the ICO.

Bitcoin and many other crypto-currencies can be earned via mining with a computer, but that’s not the case with Kolion. The tokens can be purchased via exchanges using other popular crypto-currencies or earned by helping residents of Kolionovo with construction or farming work, a process known as “Plowing.”

Shlyapnikov  has convinced around a hundred local farmers and suppliers in near by towns and villages to use the Kolion, making paper rubles a rare site.

Meanwhie, the ruble has been struggling in light of economic sanctions against Russia. It’s lost half it’s value since 2014, and Russian crypto-enthusiasts are hoping decentralized cryptocurrencies will help reduce their exposure to the larger national financial system.

Russia vs. Bitcoin

A few big events have come out of Russia regarding crypto-currencies in the past few months, most notably the announcement from Russia’s State Duma Committee on State Construction to set up the framework for digital asset regulation in the country.

At the same time, a large Russian bank issued the first ever commercial bonds carried out via blockchain technology.

Russia is Fully Embracing the Technology

Many in the crypto-community are looking at the Russian World Cup later this summer as an excellent opportunity for Bitcoin usage, especially with the sanctions against the east European country.

Digital credit card payment fraud has become all too common place in recent years and Visa and Mastercard have also gone as far to block some credit card services to Russian customers in compliance with the US sanctions.

Can cryptocurrencies be used to jumpstart local economies? Let us know in the comments down below!


Images courtesy of Bitcoinist Archives, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Matthew Hrones

Matthew Hrones

I'm a computer science student with heavy interest in cryptocurrencies and decentralized systems. I've been writing since the June 2017, and hope to become more involved in the community as time goes on

Related Posts

Circle

Circle And Arbitrum Launch Native USDC: What You Need To Know

14 hours ago
USDT Market Spikes While USDC Dips Amid Economic Uncertainty

USDT Market Dominance Spikes While USDC Dips Amid Economic Uncertainty

4 days ago
Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

1 week ago
Fahrenheit acquires Celsius

Fahrenheit Emerges Victorious, Acquires Celsius’ Assets In A Bidding War

1 week ago
Billionaire Mark Cuban Weighs In On SEC’s Recent Claims Of Branding Filecoin A Security

Billionaire Mark Cuban Weighs In On SEC’s Recent Claims Of Branding Filecoin A Security

1 week ago
Crypto bull (ARB, SUI, BLUR)

Crypto Trader Predicts 50% Upside For BLUR, ARB, And SUI

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    17 hours ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    18 hours ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    20 hours ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • The Next Pepecoin: Invest Now in the Hottest Upcoming Token...

    43 mins ago
  • BNB Chain Sees Its Highest Volume This Year As Uwerx(WERX)...

    43 mins ago
  • Smart Bitcoin Ignites Tech Innovation, BTCDomain Pioneers...

    43 mins ago
  • Investors Pick Sparklo (SPRK) Over Chiliz (CHZ) Due To Its...

    49 mins ago
  • Injective Price Hits One-Month High, TMS Network Offers...

    1 hour ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.