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Russia enhancing its economy through Blockchain Technology

If we talk about politics and bureaucracy, Russia is one of the most dominant countries in the world. On the contrary, Russia has the 12th largest economy which results in decreasing its value among the dominant countries. Talking about economics, the United States is the top leader among all and Russia is challenging its trade and investment with the new and enthusiastic technology, Blockchain Technology.

Russian national virtual asset got raised in 2015 and thus Russia knows about what cryptocurrency is and how to work on it, but the only the private sector is the one who discusses about it. In the year 201 itself, Qiwi and Webmoney, two Russian Payment entities, sent the proposition to the Russian’s Central Bank but it got rejected. But the deputy of State Duma, Andrei Lugovoi, has suggested that Cryptocurrency will benefit Russia to avoid the sanctions from the EU and US.

Talking about trade and investment, Russia is consistently trying to break the US stronghold for a long time. It seems like the political sector of Russia is now trying to go beyond the dominated financial system by the US. Not only the trade sector, but Russia also wants to reduce the sanctions done by the US and improvise its currency reserves from foreign. To do so, Moscow is working on blockchain technology to implement the security goals for long term purpose and improve the economic conditions of the country.

In Russia, the craze for cryptocurrency and blockchain has increased, and in 2017, in an international blockchain conference, Russian intelligence officer stated that “The internet belongs to the Americans – but blockchain will belong to us.” The Kremlin officials also backed up Russia in the following year to motivate them to build their own cryptocurrency or financial system based on blockchain. However, the President of Russia, Vladimir Putin, didn’t agree with the idea of bringing cryptocurrency in the country but after going into its depth and understanding about this technology, he conceded to move forward with the revolution of cryptocurrency.

The Russian National Security Depository is currently working on in laying down the foundation of cryptocurrency in Russia but the facts say that it will take decades for the cryptocurrency to lay down its feet in Russia to bring out the better results. Central Bank has also said that they will support the cryptocurrency revolution in Russia but the head of the working group on cryptocurrencies, Elina Sidorenko at the State Duma claimed that “The country lacked the legislative framework, regulatory authorities, and technical requirement to immediately combine its financial system with cryptocurrencies.”

As it seems, there are many things to do in Russia in order to make Cryptocurrency to work better but the beginning seems to be good and it has also been said, “Every long journey start with just one step.”

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About Anushree Goswami

Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

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