Will Russia’s New Prime Minister Help Foster The Adoption Of Cryptocurrencies?

The Russian Federation Prime Minister has made a call asking his country people to try and prioritize the development of the digital economy.

RIA NOVOSTI, a Russian news outlet on 16th January 2020 reported that Mikhail Mishustin, who had earlier in the day been confirmed as the new Russian Prime Minister had placed some priorities on certain areas of the economy that he was keen on focusing on.

The Prime Minister’s first order of business after getting into office was to outline the institutional areas in the country that were in urgent need of reforms. He pointed out that there was a need for the country to start implementing new information technologies. He said,

“The first thing we want to do is seriously engage in institutional reforms. Management reforms, introduce the latest digital technologies… Without a doubt, the state should become a digital platform that is created for people.”

Among the technologies that the country needs to implement are those touching on digital economies in the federation. Mishustin added that:

“The state should become a digital platform that is created for people.”

His statement came on the heels of the resignation of the entire government that had previously been led by Dmitry Medvedev, the former prime minister. The decision to resign is one that was arrived after Vladimir Putin, the country’s president addressed the national assembly and stated that the constitution needed to undergo certain changes.

Blockchain Plays a Crucial Role in Many Russian Companies

Some of the largest companies in the country, including many of which the government holds a significant stake have already started to test the blockchain infrastructure. Some have even gone ahead to apply some of its uses in their operations.

In 2019, Rosetti, the national energy grid operator in the country implemented a blockchain solution with the aim of automating payments in the retail energy sector. The solution would also be used to make certain that the transactions occurring between consumers, suppliers, and energy producers were clear as crystal in nature.

As 2019 was coming to a close, Sberbank, the majority government-owned bank, which also happens to be the largest in the state led the way in introducing a blockchain-based solution aimed at dealing with repurchase contracts. Before its introduction, it had received a patent for this blockchain solution which relies on smart contract technology to assist in automating repo relations between various entities.

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