Earlier this week Ethereum CEO Vitalik Buterin met with Vladimir Putin. Throughout the course of the meeting it became apparent that Putin was interested in using Blockchain technology as a means of “establishing new business relationships”.
Russia’s $8bn IT Industry
It’s unsurprising, then, that Russia is interested in adopting Blockchain technology.
Ethereum is being touted as “the future of the internet” and the price has risen almost non-stop in the last 3 weeks, even bouncing back from a 25% drop proving it’s long term stability.
“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models” – Putin
So what comes next?
With an official endorsement from Putin and several Russian projects moving forward we now wait and see what applications the country will come up with.
The Central Bank of Russia is already in the process of developing a national digital currency using Blockchain technology, and this very well may be built with Ethereum.
“Regulators of all countries agree that it’s time to develop national cryptocurrencies, this is the future. Every country will decide on specific time frames. After our pilot projects, we will understand what system we could sue in our case for our national currency.” – Olga Skorobogatova, Deputy Chairwoman, Central Bank of Russia
Sberbank and Severstal – a mining and metallurgical comapny – have released a statement on their collaboration using Ethereum to “securely transfer international letters of credit”.
“Using blockchain technology in the financial sector simplifies document circulation, increases the transparency of processes and reduces the time and financial costs for the company – in this case, on letters of credit.” – Alexey Kulichenko, CFO of Severstal
Ethereum price increases
Whatever happens it’s very likely that Ethereum’s price will zoom up beyond what we’d initially hoped for over the course of the summer, which is fantastic news for all Ethereum holders and traders. Buy now or miss out!