There’s quite a bit of hype and questions surrounding Facebook’s upcoming cryptocurrency, GlobalCoin. According to a Russian news outlet, GlobalCoin might find large usage in the Russian oil Industry.
If the Russian oil industry does not take immediate measures, there is a high risk of almost total American monopoly over the market. Russia will then be inevitably forced to deal with much more sanctions and tariff imbalances.
There have also been countless discussions about the future of crypto in Russia. Crypto however, takes a very slot on Russia’s priority list at the moment.
The biggest concerns lie with the expansion of the country’s energy industry. All the resources are focused on gaining regional dominance on as many sectors as possible. The Russian government also made an attempt to boost local tech companies. Fortunately, the move backfired and the Russian people refused to stand for the government’s new self-given internet kill-swtich.
GlobalCoin will prove to be very useful to the Russian government if it can indeed be used to measure the price of oil. Many experts were quick to question the Russian government’s refusal to use bitcoin or any other established cryptocurrency. After all, the Russian oil industry will surely benefit more from a more established cryptocurrency, right?
Will the government change their crypto stance if the Russian oil industry benefits drastically?
It appears that Russia’s stance towards bitcoin is not likely to change. That being said, the potential of GlobalCoin is something that the Russian government seems to value highly. A lot of stores would be willing to accept Facebook’s cryptocurrency. Instead of using exchanges when people land from the airport, they’ll simply use GlobalCoin.
These issues can naturally be solved by almost every cryptocurrency. The problem is, that only Facebook’s cryptocurrency has the potential user base to do so.
Even if GlobalCoin becomes a worldwide sensation overnight, there are still a lot of questions. Facebook has been known to instantly ban or censor people who disagree with the company’s views. This is literally the opposite of the primary goal for which cryptocurrencies were created.
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