Russias-Government-Owned-Holding-Fund-Rostec-Proposes-to-Implement-Blockchain-in-All-Data-Systems

Government Owned Holding Conglomerate Proposes To Apply DLT In All Government Data Systems

Rostec, a Russian owned conglomerate on Friday, May 24 proposed a roadmap on applying blockchain in all the government data systems. This latest development by Rostec was reported by a Russian financial newspaper Kommersant.

The report indicates that a Rostec affiliate has reportedly developed a blockchain roadmap that is worth 85 billion rubles ($1.3billion) and lays claim to provide an economic impact of about 1.6 trillion rubles ($25.4billion) in five years.

A New And Exciting Project

Novosibirsk Institute of Programming System (NIPS), a structural body of Rostec presented the new project during a blockchain conference which was held in the Republic of Tatarstan on May 23.

Excerpts from the report also indicated that the absence effective regulation of cryptocurrency and blockchain is a major stumbling block to the adoption of the proposed roadmap. Major stakeholders, including the president of the Russian Association of Cryptocurrency and Blockchain, Yuri Pripachkin considered lack of regulation a major impediment to the adoption of blockchain technology.

He stressed that the necessary law should be put in place in late 2019, in other to achieve a visible result, while the roadmap is based on the hope that adequate regulation will start in 2021.

Cryptocurrency Regulation Is Not Our Priority

Russia is a major bloc in the European Economic scene, but much cannot be said about its exploit in the digital currency market. While countries like Malta and Cyprus are taking cryptocurrency regulation serious, so as to open the country up to digital innovation and ideas, Russia is not blinking an eyelid.

The Russian Federation, through its Prime minister, stated recently that the regulation of cryptocurrency is not their priority because the digital currency has lost its popularity and it’s no longer fashionable.

With the debate looming on how cryptocurrencies will be classified when it comes to tax, Russian regulators effectively replaced cryptocurrencies with Digital Rights Terminology.

Bitcoin Exchange Guide reported in June 2018 that the regulation will take effect in July last year.

Head of the State Duma Financial Market Committee Anatoly Aksakov stated that digital currencies will thus be addressed as ‘digital rights’. With the new legislation in place, any other terms, including views of digital money will be lifted from its legislation.

The regulatory boss also stressed that the main term by which everybody knows the digital currency will be removed. Although the new law did not place any form of restriction on crypto trading, it will effectively change their ‘’assets’’ into ‘’rights’’

On Initial Coin offering and the necessary regulations, Aksakov maintained that the State Duma Financial Market Committee is yet to determine how to go about it. He stated that their main goal and objective is to assess the potential risk associated with the offering before the committee decides on the way forward.

Cryptocurrency is fast becoming a mainstay in so many economies, with some countries like Iran thinking of adopting it as their official currency to fight the United States imposed an economic sanction.

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