The new Prime Minister of Russia Mikhail Mishustin has asserted that the country should prioritize the development of a digital economy. #Cryptonews #Blockchain #cryptocurrency https://t.co/tpNOTXNK40 — Cryptocurry (@CryptoCurry_Now) January 17, 2020
On January 16, it has been reported by RIA Novosti, the domestic news outlet, that Mishustin, who was confirmed in the position as the Prime Minister earlier yesterday (on January 16), noted some key priorities for his work and outlined the need for institutional reforms in Russia.
However, Mishustin said that the country should implement modern information technologies, including the development of a national digital economy program.
“The state should become a digital platform that is created for people.”
It has been analyzed that Mishustin gave his statement after the government and Dmitry Medvedev, the former Prime Minister of Russia, announced that they were resigning. The decision was taken amid Vladimir Putin’s (the President of Russia) message to the Federal Assembly, in which he outlined a number of fundamental changes to the country’s constitution.
Likewise, major Russian firms, including some in which the state holds a significant stake, are beginning to test and apply blockchain tech to various aspects of their operations.
In December 2019, Rosetti, the national energy grid operator of Russia, began testing a blockchain solution for payments in the retail electricity sector to automate and make transactions between energy producers, suppliers and consumers more transparent.
Similarly, in November 2019, Sberbank, the largest bank of Russia, pioneered a blockchain solution for repurchase agreements. The bank had been awarded a patent for the solution, which uses smart contract technology to automate repo transactions between parties.
However, major players in the cryptocurrency and blockchain space have also praised Russia’s role in the industry’s development. Last year, Changpeng Zhao (CZ), the CEO of Binance, praised the programming talent coming out of the country and named Putin as the most influential person in the blockchain industry.
Thus, in the meantime, digital currencies still do not have a solid legal ground to stand on in Russia. There have been numerous attempts to define cryptocurrencies legally over the past years.