Blockchain can help Russia close the gap with developed economies
Russia seems to have prioritized blockchain technologies recently. Vitalik Buterin, the inventor of Ethereum, met with Russian President Vladimir Putin last week.
Not many details were given about this meeting between the two, but we reported that Putin admires Blockchain technology and will provide full support. .
Russia’s economy is too dependent on oil. This prevents Russia’s currency, the Ruble, from becoming a stable currency.. As the price of a barrel of oil changes, the Russian Ruble also fluctuates.
Russia wants to have a monopoly in a new area that is not dominated by superpowers such as China and the USA, by putting Blockchain technologies among its priorities.
The Russian government, the first started to deal with nanotechnologies in 2007.. A state-owned joint stock company called Rusnano was formed, and former Chief of Staff Anatoly Chubais took the seat of management.. This venture has invested in various projects over the years, but failed to create opportunities to make a significant leap forward for Russia.
The next major undertaking was the establishment of the Skolkovo Innovation Center in 2009.. This venture aimed to become one of the main competitors of Silicon Valley. This effort was also unsuccessful.
When Putin was re-elected as President in 2012, he started to seek a technological leap to close the gap between Russia and more developed economies.
Russian investors accelerated to 1000 km/h. showed a strong interest in the Hyperloop project, a kind of train in a tube that can reach people, but Russia was not on the project’s priority list.
Last opportunity: Ethereum
Vitalik Buterin is Russian for his transparency and anti-corruption abilities He suggested the possible use of Blockchain technologies to his government.
It was learned that Putin also approved this project, which could solve many problems affecting Russia deeply.. Russia may also be the first country to develop its own digital currency.
A nationwide Blockchain experiment may be another false door that needs to be opened like the previous ones, but it’s gratifying to give the country the opportunity to use the latest technology.
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Meanwhile, the actions undertaken by other economic superpowers should be watched closely.. Because they are likely to respond to issues that could give Russia a significant advantage.