Vladimir Putin: “Russia must remain a leader in the development and implementation of new technologies including the Blockchain”

Vladimir Putin: “Russia must remain a leader in the development and implementation of new technologies including the Blockchain”

During a meeting with the President and the Chairman of the Board of Sberbank of Russia German Gref, President of Russia Vladimir Putin said that it is very important not to lag behind in the development of Blockchain technology.

In December last year, in cooperation with the Federal Antimonopoly service of Russia (FAS), the savings Bank has already implemented the Blockchain in their systems of transmission and storage of documents. It is reported that in the nearest future, the Bank plans to launch a cryptocurrency exchange in the branch office of Sberbank Switzerland AG, as Swiss law allows you to trade cryptocurrencies, unlike the Russian.

Gref directly appealed to Putin, saying about the necessity of creating programs for training specialists in the sphere of the Blockchain due to the rapid development of this industry throughout the world. Gref also noted the importance of “very careful control”, not “bans” in order to promote innovation.

In response, without special mention of the Blockchain, Putin raised the question of why Russia needs this industry when “we have all the […] oil, gas, coal, metals of all kinds […] gold, platinum, diamonds — all!” Then he said that the industry is developing well in Russia and has a “good intellectual base.”

Putin also added that Russia needs a “Bang,” and quoted the former oil Minister of an unnamed Arab country:

“The stone age did not end because people ran out of stones, but because there is a new technology.”

According to Putin, countries that are late in adopting this new technology, the name of which he does not say, “very quickly become dependent on the leaders in this sphere”, which “ in any case, Russia simply can not afford”.

Earlier, Putin raised the issue about the launch of a Russian cryptocurrency “CryptoRuble”, but this issue has not yet revealed fully.

Most recently, in January of this year, in consultation with Ethereum founder Vitalik Butterini, Putin suggested to launch the first joint multinational crypto-currency for the BRICS countries and the EEC. Together in adopting a new cryptocurrency that all these States will increase their investments in Blockchain technology and smart contracts, which will serve as a basis for the creation of a cashless society and improve liquidity management trade, with significant support from the New Development Bank (NDB).

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