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Russia’s New Prime Minister Sets Digital Economy Course

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According To Reports, Russia’s New Prime Minister Has Called On The Country To Prioritize Digital Economy Development.

According To Local Media Ria Novosti Reported On January 16, Earlier That Day, Mikhail Mishustin Confirmed That He Will Be The New Russian Prime Minister. Since Then, Misukostyn Has Identified Several Priorities For His Work And Outlined The Need For Russian Institutional Reform.

Misukostin Said Russia Should Implement Modern Information Technology, Including The Development Of A National Digital Economy Plan, Adding:

“The Country Should Be A Digital Platform Created For People.”

After The Resignation Of Former Russian Prime Minister Dmitry Medvedev And His Government Team, Mishustin Delivered A Speech. Russian President Vladimir Putin Made The Decision In A Message To The Federal Parliament, And He Outlined A Series Of Fundamental Changes To The Country’s Constitution.

Blockchain Plays An Important Role In Major Russian Companies

Major Russian Companies, Including Companies With Large Stakes In The Country, Have Begun Testing And Applying Blockchain Technology To All Aspects Of Their Operations.

Last December, Russia’s State Grid Operator Roseti Began Testing Blockchain Solutions For Retail Power Sector Payments To Automate Transactions And Make Transactions More Transparent Among Energy Producers, Suppliers And Consumers.

In November Last Year, Russia’s Largest Bank, Sberbank, First Launched A Blockchain Solution For Repurchase Agreements. The Bank Has Been Patented On The Solution, Which Uses Smart Contract Technology To Automate Repurchase Transactions Between Parties.

Major Players In The Cryptocurrency And Blockchain Fields Also Praised Russia’s Role In The Development Of The Industry. Last Year, Zhao Changpeng, Chief Executive Of Binance, A Major Cryptocurrency Exchange, Praised Programming Talent From The Country.

Russia Still Lacks Clear Encryption Standards

At The Same Time, Digital Currencies Still Lack A Solid Legal Basis In Russia. Over The Past Few Years, The Country Has Made Many Attempts To Define Cryptocurrencies In A Legal Way. President Putin Has Repeatedly Urged Russian Legislators Such As The Local Supreme Court Of Arbitration And The Financial Action Task Force To Introduce A Regulatory Framework.

In May 2018, The Russian Parliament Passed A Crypto Bill Entitled “About Digital Financial Assets”, But Due To A Lack Of Definition Of Key Concepts Such As Crypto Mining, Cryptocurrencies And Tokens, The Bill Was Quickly Returned For First Reading.

Cryptocurrency Banned, Bitcoin Collected

In Addition, In November 2019, News Broke That Russia Was Preparing To Ban The Use Of Cryptocurrencies To Pay For Goods And Services. The Russian Central Bank’s News Department Commented On The Matter: “If A Legislative Decision Is Made To Ban Cryptocurrencies As A Means Of Payment, We Believe That This Position Should Be Supported.”

It Was Also Reported In The Same Month That Russia Was Planning To Develop Laws And Regulations That Would Enable The Police To Achieve The Impossible: Confiscation Of Bitcoin.

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