Russia’s Party of Growth Leader Says Blockchain Means Living without Lies

News and Analysis

Boris Titov, the Presidential Commissioner for Entrepreneurs’ Rights in Russia, insists his country should take advantages of the struggling economic situation in the country by becoming one of the leading nations in the blockchain space.

“Russia can take advantage of the difficult economic situation that has developed today for us to become a very profitable country open to the blockchain technology,” sain Titov during a press-conference on Wednesday.

According to him, blockchain will provide full transparency in both financial relations and those between the state and the society.

“Blockchain means absolute transformation of the relations between the state and the society, between the people. Blockchain means living without lies”, he said.

Yet, in the age of new technologies the first step to be taken is creating a clear and transparent legal regime and regulations for cryptocurrencies including Bitcoin. This includes making it possible to receive foreign investments in Bitcoin along with lifting existing restrictions on the investments.

“A lot depends on the country itself, how successfully it will be able to use these opportunities and develop its economy, to spur the growth of the digital currency in the country,” said Titov.

This is exactly what the Party of Growth he leads intends to do. First of all, Titov insists on legalizing mining operations in the country and officially recognizing property rights in regard to cryptocurrencies. The party also believes the state should allow people to pay with Bitcoin for goods and services and utilize blockchain technology to conduct conventional government operations.

Specifically, Titov explained that using the timestamp of Bitcoin transactions, Russian courts can secure their records and data onto an irrefutable decentralized ledger.

Additionally, Russia’s Party of Growth estimates there are over 2 mln people in the country who have opened their own Bitcoin wallets and utilize cryptocurrencies.

Earlier Boris Titov said his party is looking to begin accepting donations in the digital currency. Titov cited the need to source funding for the party from new avenues, including crowdfunding, as a motivation for the decision. Further, he reportedly indicated that the party would only accept bitcoin donations from people with verified identities.

Found a typo? Highlight text and press CTRL+ENTER

Subscribe to our Newsletter


Related posts

Tags: , , ,