The blockchain legislative framework will be completed in the coming months

Tue Mar 27 11:46:36 CST 2018

Cryptocurrency is not the only "new technology" in Russia that has obtained regulation. It is reported that Russia's blockchain legislative framework will also be implemented in the coming months.

In fact, Russia very much hopes to be able to catch up with the technological "trend" of the blockchain, and the country's President Putin has already recognized this technology and is now working to incorporate blockchain technology into a unified regulatory framework.

Blockchain legislation is coming soon

According to the Russian TASS report, the Russian blockchain supervision outline will be completed in the coming months. During a meeting with students of the Russian University of Economics at Plekhanov, Russian Deputy Prime Minister Arkady Dvorkovich stated:

    "Russia needs to create a blockchain monitoring framework that is not necessarily too detailed, but hopefully will not limit the implementation of blockchain projects. We will do this as soon as possible and we have begun this work. It is expected that in the future several In the month, the issue of blockchain legislation will be resolved."

Although the blockchain is considered to be the underlying support technology for cryptocurrency, its advantages, such as high security and irrevocable record-keeping capabilities, have begun to be recognized in other industries.

In addition, the blockchain is also helping governments and central banks to introduce their own national digital currencies, and Russia is very interested in the issuance of “CryptoRuble”. The country's first deputy prime minister, Igor Shuvalov, once said that blockchain technology can help Russia achieve higher levels in the economic field.

Blockchain technology is not only used for cryptocurrency

In fact, Russia has been studying blockchain technology for the past period of time. Last year, the Russian Financial Technology Association was formed by the local payment agencies and financial start-up companies of the Russian Central Bank and launched a Masterchain software based on the Ethereum blockchain.

Blockchain technology can also be used to protect intellectual property, because it not only provides secure storage services, but also ensures that any data added to articles and other works can be efficiently and completely preserved.

Russia fully embraces blockchain technology

Herman Gref, president of Sberbank, the largest bank in Russia, once said that Russia has the most active blockchain project in the world.

Not only that, President Putin said before that anyone who is “late” in the development and implementation of blockchain technology will be subject to others. President Putin stated that Russia will never allow such a thing to happen