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Russia is considering the use of Blockchain technology in the state administration

Deputy Prime Minister of Russia Arkady Dvorkovich said that, in his opinion, Blockchain technology can be applied to the state administration in the country.

02.Oct.17 1:39 PM
By Daria Zaytseva


Russia is considering the use of Blockchain technology in the state administration

Speaking at an international science and technology forum in Kyoto, Japan, Dvorkovich stated that he had no doubt that in the short term, blockchain technologies would be widely used in the state administration.

According to the Russian state-owned news service TASS, the politician also explained that this technology will require a legal framework in which to operate, adding that authorities are looking to recent regulatory developments in Japan as an example.

Japan has taken a more progressive approach to blockchain and cryptocurrencies compared to other countries. Earlier this year, the country adopted legislation that recognized bitcoin as a form of legal tender, and last week, 11 cryptocurrency exchanges were granted licenses for operation.

Dvorkovich continued later, stressing that the actual process of integrating blockchain, as well as other new technologies, could lead to some additional obstacles, such as developing the regulations that would prevent the emergence of a yet another fiscal bubble. The development of these regulations is likely to be completed by 2019, as TASS previously indicated.

Statements by the Deputy Prime Minister are part of a larger effort in Russia to introduce blockchain into various services. In his speech in March, Prime Minister Dmitry Medvedev instructed the two government ministries and a state-owned development bank to explore the potential applications of technology.

In Russia, the law on cryptocurrencies is being developed, although, most likely, it takes a more rigorous tone than the recent Japanese legislation. Alexei Moiseev, Russia's deputy finance minister, said he expected the legislation to impose new restrictions on the types of transactions allowed.

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