RUSSIA | In the last days of 2013, it was reported that Russia will receive its own virtual currency called Wishcoin. This electronic money will be issued by a startup funded by investor Aleksandr Borodich.
First Wishcoin issued in October 2013
The project, based on the issue of electronic money on request and secured by well-known companies, was launched in summer 2013. In mid-October the first wishcoin was issued, it was a limited batch of five million "coins". The price at that time was rather symbolic - one "coin" could be exchanged for five Russian rubles ($ 0.15).
Different from Bitcoin
Despite belonging to the virtual currency market, the Russian wishcoin, according to the creator himself, bears little resemblance to the world-famous Bitcoin. Bitcoin is based on full decentralization, lack of emission centers and regulatory bodies. Among the advantages of cryptocurrency is its authenticity because of its nature. Bitcoin involves details of all transactions of particular coin from the time of its primary code generation. Bitcoin is known to be outside the official jurisdiction and is based on no real currency. Therefore, you can buy something for virtual money in a narrow range of shops.
In turn, wishcoin will not contain the code information about transactions. Genuine currency will be provided through other technologies, but they were not reported yet. Wishcoin has an emission center, represented by startup and his partnered organizations, which are licensed to conduct operations with electronic money. In addition, digital money is issued only after the emission center receives the appropriate amount in real currency.
Wishcoin emission planned for early 2014
According to the source, the mass emission of wishcoins is planned from the beginning of 2014. All that is needed now for this purpose is increasing the number of customers who will provide secured funds.
Sourced from PaySpaceMagazine.com, January 2014.