The future is looking up for blockchain technology, which is gaining support from governments all over the world. It is now clear that the importance of blockchain technology cannot be overstated.
Vladimir Putin, the president of the Russian republic, has come out to explain that the proper application of blockchain technology could be very beneficial for both users and governments. He asserted that a decentralized, non-monopolistic technology would eventually be used on a global scale due to the benefits it provides.
Following the conflict between Russia and Ukraine, the United States and a portion of the international community imposed a number of financial sanctions on Russia.
These sanctions significantly impacted the country’s ability to conduct international transactions, including top lender Sberbank’s operations abroad.
According to the president, the current payment system is ineffective and “controlled by a narrow club of states and financial groups.”
Rather than expanding on his proposal for a blockchain-based payment system, Putin spoke about the need for artificial intelligence research and development, as well as the creation of a cloud infrastructure that could serve the needs of the entire country.
Is Russia Slowly Embracing Crypto?
Of course, a blockchain-based payment system is both conceivable and attainable.
However, President Putin did not elaborate on the idea, leaving open the question of who would be in charge of the validating nodes in such a system.
The ability to censor transactions is just as likely in a public blockchain network controlled by governments as it is in the current payment system.
In Russia, blockchain technology and cryptocurrencies have an off-and-on love relationship. President Putin appears to be a supporter of the “pro-blockchain, anti-crypto” movement at the moment.
Cryptocurrency ownership is currently legal in the country, but using it for financial transactions and other purposes is strictly prohibited because it would violate the nation’s sovereignty by imitating the country’s official currency (the ruble).
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