Russia’s vice-premier sees “A wide range of applications for Blockchain”

The vice-prime minister of the Russian Federation, Arkady Dvorkovich, believes that the blockchain technology can be used in many different ways by the state. This he gave in conversation with Russian media.


Compared to the news portal TASS, which is in the possession of the Russian state, Dvorkovich mentioned that Russia wanted to orient herself to Japan’s experiences, which the island state had made with the implication of blockchain technology. According to this, a wide range of possible applications are conceivable for the blockchain, for example in the area of administration. Dvorkovich led the Russian delegation on Sunday at the Science and Technology in Society (STS) International Forum in Kyoto.

“Companies around the world use technologies based on the blockchain. The so-called Smart Contracts significantly reduce transaction costs. I have no doubt that the blockchain will soon be used in multiple fields of state administration. But there will have to be state legal foundations for this. The challenge is to find a regulation which prevents the emergence of a new bubble, but at the same time creates the ground for scientific and technological progress. Here Japan can serve us as a model “,

added Dvorkovich.

In Japan, at the start of the month of October, a new law has come into force which is to regulate and organize the crypto sector and establish basic rules for crypto exchanges and initial coin offerings (ICOs). As a result, official licenses for crypto exchanges were distributed at the end of September, which is now allowed to operate on a state-approved basis.

The Russian central bank also said in September that it had regulated “cryptos” in Russia “by the end of 2017”. The openness to digital currencies was also emphasized as an application of blockchain technology, which, however, requires legal framework conditions.


~ Written by happy_c0der from the V Server


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