Russian Nuclear Corporation Considers Blockchain Development

Russian nuclear corporation Rosatom intends to develop various technologies within the scope of its operations. These include Blockchain, Artificial Intelligence and the Internet of Things (IoT).

2 October 2018 – Russian state nuclear energy corporation is planning to develop “advanced” digital technologies, such as Blockchain, states the Rosatom IT department head Evgeniy Abakumov.

Russian Nuclear Corporation Rosatom Eyes Blockchain Development

Abakumov has also reportedly claimed that Rosatom intends to focus on three sectors of new technologies, including Blockchain, Artificial Intelligence and the Internet of Things (IoT). He has been quoted as saying:

“We are committed to integrating 4.0 technologies on a wider scale. IoT, AI, blockchain and others are to increase the efficiency of manufacturing process.”

He further added that Rosatom plans to attract the new talent to these three technological areas. 

As a matter of fact, Russian authorities and official institutions are expressing wide interest in cryptocurrency-related technologies. For example, the Russian state pension fund has revealed its plans to execute Blockchain and smart contracts in labor relations. 

Earlier last month, the Russian Union of Industrialists and Entrepreneurs reportedly participated in the process of creation of an alternative bill for cryptocurrency regulation in the country. In this context, the draft regulation for the cryptocurrency market in Russia is still undergoing development.

Russian Banks Interested in Blockchain

In September, AtoZ Markets reported that a number of major Russian banks reportedly expressed a strong interest in utilizing the advantages of Blockchain and cryptocurrency sectors. According to some online reports, several large Russian banks have attended a private meeting that was held at the Moscow Exchange.

Online reports cite an unnamed source that is familiar with the matter. The source reportedly claimed that the demand for cryptocurrencies in Russia is very high at the moment, yet, the banks are not ready to meet it. This is due to the fact that the industry lacks properly defined regulations. 

In this context, the representatives of Russian banks that attended the meeting have communicated to the regulators from Japan, Singapore, and Luxembourg. They are reportedly aiming to adapt their experience to the local market. In addition, authorities have formed a lobby group with the goal of proposing guidelines for cryptocurrency market regulation to the country’s government. 

Think we missed something? Let us know in the comments section below.

Share Your Opinion, Write a Comment