Russians propose cryptocurrency backed by peat - might be April Fools joke

The Russian-based cryptocurrency media cite the outlet of the Siberian town of Tyumen. In this town, one of the industrial facilities is extracting peat and the local official responsible for environment and subsoil has reportedly proposed to launch a coin backed by this fuel.

However, the date of the initial message is 1 April, with some media citing it a day later. The lack of reaction from the local mayor or other officials leads to believe that this is another prank connected with cryptocurrency.

This prank is still incomparable to Vitalik Buterin’s joke about the coin supply limitation, with major cryptocurrency media citing it and some - quietly deleting the messages later. One can read more what Buterin really thinks on this matter in a separate report.

Another strange cryptocurrency which has been launched by Russians is SandCoin, backed by the price of sand and created clearly to mock the argument about cryptocurrencies not being backed by anything. The authors of the initiative have managed to attract several thousand dollars of investment at the very least which shows how the crypto topic is overhyped right now.

Image courtesy of Michael and Richard Webster