Putin Backs Early Blockchain Adoption in Russia

Russia’s President wants the country to keep pace with technological development.

by Viko
25 February • 2.5 min
In News
Russia’s President Vladimir Putin expressed his support for the Blockchain technology at a meeting with the president of the country’s largest bank, state-owned Sberbank, Herman Gref, a video posted by Russia Insight on Saturday, showed.

Replying to Gref’s call for training of professionals in the field of Blockchain as well as very careful regulations instead of prohibitions, Putin stated that the new technology is crucial for the future digital development of the country. The President underlined that any state, which fails to keep up with the new technologies, very soon will fall under dependence from the leaders in these new processes, something the Russian authorities should not allow.

blockchain world graphic

Sberbank has already been working on the implementation of the Blockchain technology. The financial institution has revealed an intention to open a cryptocurrency exchange in Switzerland, where digital coin trading is legal.

Putin noted also that the country has a good intellectual base (programmers, developers) related to the technology and this is a stable ground for further development. The President observed that Russia is rich in natural resources and will only need a burst in technological development to manage these supplies.

Putin himself has brought up the idea for the creation of CryptoRuble, which is now expected to be launched in mid-2019. Moreover, Putin has proposed a cryptocurrency that should be adopted into the BRICS and Eurasian Economic Union countries.