Blockchain has officially become a priority …

Blockchain has officially become a priority …

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Blockchain has officially become a priority technology for development in Russia

  • They plan to develop blockchain in Russia through private capital and public-private partnership

  • It remains unknown which institutions will support the blockchain

  • Current implementations of distributed ledger technology have not found a loyal response in society

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Deputy Prime Minister of the Russian Federation Andrei Belousov included the technology of decentralized finance in the priorities for the development of public policy

Blockchain is now one of the priority technologies in the development of public policy for the coming years. Deputy Prime Minister of the Russian Federation Andrei Belousov stated this in the Federation Council, reports TASS. In addition to blockchain, the list of priorities includes quantum technologies, 5G technologies, and artificial intelligence..

“First of all, this is support and development of promising technological groundwork for end-to-end technologies in the interaction of the state and major companies,” Belousov said..

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The Deputy Prime Minister also noted the implementation of a set of measures provided for by the national technology initiative:

“A system of so-called seamless gluing of tools and support measures provided by various development institutions will be created.”.

Blockchain with private equity

As part of supporting the development of the above technologies, the government plans to re-form the system of venture financing “with the involvement of private capital and public-private partnerships.” It remains unknown which institutions will support the development of distributed ledger technology.

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The prospects for the development of blockchain in Russia were previously announced by Nikolai Gadzhiev, Chairman of the Commission on Blockchain Technologies and Crypto-Economy “Investment Russia”. In an interview with BeInCrypto, Hajiyev said that Russia has “great potential for IT developers.”.

Blockchain has officially become a priority ...

“More than 50% of IT projects in the field of blockchain technologies have Russian-speaking developers. Russia is not only a favorable region for the development of the digital economy, but the place that has actually become one of the centers of blockchain technologies and the digital economy in the world, “Hajiyev emphasized..

Regulated innovation

In the domestic market, the implementation of blockchain initiatives is much faster than in the cryptocurrency market. For example, the Russian Association of Cryptocurrencies and Blockchain (RACIB) is of the opinion that the domestic regulator is deliberately engaged in “digital sabotage”, in fact, “throwing [the country] out of the race [to legalize the cryptocurrency market]”.

However, not all blockchain-related initiatives are accepted by the public. Earlier, Rostelecom released the open source code of the remote electronic voting system (DEG) of the Central Election Commission of the Russian Federation to the public..

Almost immediately, users identified several flaws, including the centralization of the blockchain, as well as the lack of transparency in the correctness of the vote count..

Benefit not for everyone

At the same time, in the banking sector, the implementation of blockchain projects is met with more loyalty. In early August, Russian banking institutions noted an improvement in providing businesses with additional government support measures using blockchain from the Federal Tax Service of Russia.

However, apart from banks, not everyone could feel the effectiveness of blockchain technology. In early July, for example, the Russian Council of Shopping Centers (RSTC) announced that a quarter of all shopping centers could eventually close if the government does not allow deferring tax payments for 2020.

“The industry has not received any subsidies or compensation from the state for the lost rental income, and the consideration of all proposals to support the industry invariably ends with refusals,” said Oleg Voitsekhovsky, managing director of the RSTC in an interview with RBC..

Blockchain has officially become a priority ...

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