Russian Ministry of Communications to Research Blockchain Technology

News and Analysis

According to Russian minister for communications, Nikolay Nikiforov, options of using bitcoin’s underlying technology of blockchain to the benefit of the state should be scrutinized. He told that on the sidelines of “Internet Economy” forum on December 21.

“Blockchain technology as a new kind of technology is very interesting as it is applicable in diverse areas, not only in cryptocurrency space. Generally we should study how we can use it to the benefit of the state in terms of protecting various issues,” said Nikiforov according to TASS.

The minister added that his department keeps a close eye on development of blockchain, and undertakes various researches.

“We should look at the horizon of 5 to 10 years as to how this technology may help the economy, interaction between the state and people. There are many possible concepts,” he said.

The news follows introduction of a new draft administrative violations code, which implies punishment for issuance of, exchange of, and operation with money surrogates.

Contrary to the expectations that the code would become the first step in banning cryptocurrency in Russia, the draft law de-facto legalized bitcoin within the Russian Federation.

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