The ZA central bank recently announced that it is too risky to launch a South African cryptocurrency. Unlike the ZA central bank, Russia has been more open to the idea of a Russian national Cryptocurrency development. Is there sufficient support nationwide?
25 August, AtozForex – Russia has been welcoming the adaption of blockchain technology and cryptocurrency law on state level. The Russia Federal Agency for Technical Regulation and Metrology (Rosstandart) started recently the standardization of distributed ledger technologies.
Within two years, the Russian authorities believe that the Blockchain technology will be adopted in Russia on a state level. Along with the nationwide launch of the Russian cryptocurrency law. Considering that Russia already is building its own legislation system for cryptocurrencies.
More supports for Russian national Cryptocurrency development
Earlier this year, Bank of Russia’s deputy chief, Olga Skorobogatova already supported the idea of a Russian national Cryptocurrency development. Speaking at the St. Petersburg International Economic Forum in June, Olga Skorobogatova said that:
“Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects we will understand what system we could use in our case for our national currency. We want to jointly test blockchain for cooperating with EU countries on the projects we’re going to start this year”
Supporting this view, the Deputy Prime Minister Igor Shuvalov said in an interview with Russian RBC that he favors a Russian national Cryptocurrency development. However, only under the condition that certain measures and security protocols are put in place. Building further he stated that:
“This theme will develop, but it should develop in such a way that the national economy cannot be put under attack, but instead make it stronger.”
Russia researches blockchain adaption on multiple fronts
From previous reports, it has been clear that the Russian government is open to exploring different facets of the innovative Blockchain technology. These range from state level Blockchain technology adaption, cryptocurrency legislation for public use, and even the testing of distributed ledger technologies in the health sector.
The Russian authorities do not limit their selves to only one type of cryptocurrency. During the St. Petersburg International Economic Forum, Russia’s President Vladimir Putin met briefly with Vitalik Buterin, who is the creator of Ethereum. From the Kremlin official channel, Putin shared insights into the different Blockchain development projects within Russia:
“We are doing a great deal to create a favorable business climate and above all to provide macroeconomic conditions for sustainable economic growth and a stable social system – so that working in Russia is beneficial and pleasant.”
Will more countries consider and launch a state-backed crypto currency? Let us know in the comments section below.