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Russia Needs Blockchain Technology, Can’t Be Late in the Race: President Vladimir Putin

February 26, 2018 20:36
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The world’s most powerful man has come out in support of Blockchain technology. Russian President Vladimir Putin has said that his country needs this technology and they “can’t be late in the race.” The news has broken from Russia Insight, a news network that shares insights about Russian market. They’ve posted in a video to YouTube in which Putin can be seen discussing the blockchain technology with Sberbank President Herman Gref. Sberbank, in case you don’t know, is the largest bank in Russia.

Putin’s message, which was in Russian, roughly translates to this:

“We need [blockchain technology]. … Stone Age has not ended due to lack of stones, but because new technologies appeared. Those late in this race will instantly, VERY FAST, be under full dependence from leaders of these processes.” 

(Translation provided by Bitcoin investor Trace Mayer).

It’s worth noting that Sberbank President Herman Gref has long been optimistic about cryptocurrencies and blockchain technology in general. Last year in November he had said that these currencies will become an inseparable part of our lives and global financial system.

“Virtual currencies are a natural outcome of blockchain technology. We may ban them, we may welcome them. It is trendy to urge people not to play with them. But they are a fact of our life.”

Sberbank had even gone to the extent of saying that it will launch its own cryptocurrency trading platform. Andrey Shemetov, Head of Global Markets at Sberbank, had said that bank plans to provide strategic access to all sorts of products and services that crypto investors may need.

But Regulation Will Be There in Russia As Well

However, the other side of coin is that even Putin wants cryptocurrencies to operate with some level of regulation. Last month while speaking to Russian news agency TASS he had said that Russia will implement cryptocurrency regulations to protect the interests of investors and ensure the growth of businesses. He was also convinced that cryptocurrencies can act as mediums of exchange (probably a hint towards using them for exchange in Russia?) and work as settlement networks, but he was not convinced about the “store of value” aspect of these currencies.

Bottom Line

In a nutshell, after Philippines, Malaysia and Venezuela one other country seems all set to adopt the blockchain technology and cryptocurrencies. Last week Indian Prime Minister Narendra Modi had also said positive things in support of Blockchain technology. Even though these large countries like Russia and India embrace these currencies with regulation, their positive attitude can push other countries (i.e. China) as well to do something positive about cryptocurrencies.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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