Russia Sets Eyes on Blockchain Development

Vladimir Putin is the current President of Russia.

After a long time as an adversary of the new global trends in cryptocurrency and blockchain innovation, Russia has now joined the ranks of the international cryptocurrency community through its recent legitimisation of digital assets.

The nation’s adoption of a positive cryptocurrency policy comes in the wake of the global Covid-19 pandemic. The pandemic has awaken the world to the realities of the democratising effect of a healthy cryptocurrency industry.

Now, the Russian government has announced that the state will be focusing on developing the blockchain industry, according to Cointelegraph.

Technological advancement

Russia’s First Deputy Prime Minister Andrey Belousov announced to the legislative house on 23 September 2020 that the government will be focusing its efforts on technological advancement, and specifically blockchain development, in times to come. The country hopes that the development of the technological centre will make liason between the state and business holders smoother. Areas such as microcomputing, 5G, and artificial intelligence are also part of the government’s efforts to develop the technological sector.

Ihodl further reported that Belousov announced he hoped that technological development would encourage investments through “private capital and public-private partnerships”.

Future of voting in Russia

Now Russia is gearing up for further incorporation of blockchain technologies into its official systems. Coindesk reported in early September that Russia has initiated plans to incorporate blockchain into its voting systems. However, it is reportedly still in the process of doing so, delayed in part by the process for voter identification. It was then reported that regardless of the few glitches, the voting system would be used for a pilot run in regional by-elections in two Russian regions on 13 September 2020. There is no further information on whether these elections took place or not.

Russia commands a broad sphere of influence, and its increasing positivity to blockchain solutions could soon spread to neighbouring countries.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.