Russia welcomes Blockchain Technology for Economic growth

Russia has been studying Digital Currency for quite some time. Russian government officials have been looking into the concept of the Blockchain Technology and it’s possible usage in economic. As reported by Russian local media on March 6, 2017, Russian Prime Minister Dmitry Medvedev instructed the Ministry of Communications and the Ministry of Economic Development to consider the possibility of using blocking technology in preparing the program "Digital Economy”.

"In any case, this topic is really new and popular, I instructed the relevant ministries to the Ministry of Communications and the Ministry of Economic Development to consider the possibility of using these technologies in preparing the program" Digital Economy ", Said Medvedev.

According to the head of government, large banks, corporations and even some states already use technology. He noted that Blockchain technology can help to get rid of unnecessary bureaucratization of business turnover.

Russian President met Vitalik Buterin

During the St. Petersburg International Economic Forum (SPIEF - June 1-3, 2017), Russian President Vladimir Putin met and talked with the founder of the Ethereum blockchain-platform, Vitalik Buterin, as reported on June 2, 2017.

Buterin spoke about a possibility of use of these technologies in the Russian Federation and The President of Russia, suggested establishing business contacts with possible Russian partners, the Russian President's Press Secretary Dmitry of Peskov.

Russia is planning to develop national cryptocurrency.

Furthermore, Deputy Chairman Olga Skorobogatova informed about the development of a national cryptocurrency by The Russian Central Bank.

"Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects we will understand what system we could use in our case for our national currency," Skorobogatova said at the St. Petersburg International Economic Forum 2017 (SPIEF-2017) as reported.

Russia is ready to make Blockchain revolution a reality. Involvement of the highest level of government, has certainly raised the hope of it’s implementation very soon.
Meeting of the President of Russia with the founder of Ethereum and the announcement of national’s digital currency by Central Bank of Russia suggests the acceptance of the Blockchain Technology at the next level. As anticipated, Russia once again proved itself to be standing among the world’s leaders in accepting and implementing technologies for the growth of the country at St. Petersburg International Economic Forum 2017.

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