Russia attempts to speed up blockchain adoption

Russian’s Deputy Prime Minister Arkady Dvorkovich confirmed regulatory framework for blockchain projects might be ready “in the coming months”:
“When it comes to blockchain, a regulatory framework is mandatory; not necessarily too detailed and meticulous, in order to avoid the obstacles in implementing [blockchain] projects…it has to be done as soon as possible…, we are doing it now. I hope that in the coming months, we’ll solve the legislative situation with blockchain,” Dvorkovich stated.

Similar piece of legislation was sent to the Duma earlier. The Digital Financial Assets bill also deals with cryptocurrencies and requires of crypto exchanges to comply with KYC procedures in an attempt to set a legal framework for cryptocurrencies.

Russia remains highly involved in blockchain projects. Icobench estimates that about 10% of all ICOs are of Russian origin. According to Waves survey, 15% of respondents see Russia and South Korea as leaders in blockchain implementation in 2018. This result is only second to Japan, which secured the votes of 27% of respondents.

Russia’s largest bank, Sberbank, is highy involved in exploring blockchain technology and seems to have a rather friendly attitude to it. For example, it took part in the experiment that generated the country’s first transaction using distributed ledger technology (DLT). In October, Sberbank joined the Enterprise Ethereum Alliance (EEA) project.

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