Russia's PM: Blockchain Tech Could Bring Big Changes

Blockchain tech could have widespread impact, Russian Prime Minister Dmitry Medvedev reportedly said today.

AccessTimeIconFeb 27, 2017 at 5:01 p.m. UTC
Updated Sep 11, 2021 at 1:07 p.m. UTC

Blockchain tech could have a major impact, Russian Prime Minister Dmitry Medvedev reportedly said today, before going on to note that "so far we do not see results".

Medvedev, a former Russian president who became prime minister after current head of state Vladimir Putin took office in 2012, spoke today during an investors summit in the city of Sochi, according to state-owned news service TASS. He has spoken about the technology in the past, discussing the legal implications of blockchain and smart contracts in particular.

According to translated remarks, Medvedev stated today that he was "not against" the use of the tech but stopped well short of endorsement, suggesting that it might have an impact in the future.

He reportedly told event attendees:

"I'm not against the use of [blockchain] technologies that have become widely circulated and which may thus decisively change our lives. It's quite an interesting story, but so far we do not see results."

Medvedev’s comments stand in contrast with those from the Russian central bank, which has made no secret about its interest in blockchain.

The Bank of Russia moved to formally study the tech in early 2016, later establishing a fintech working group focused in part on blockchain in January.

The central bank, which has studied the tech from a range of perspectives including digital currency, developed a prototype distributed ledger last year, dubbed "Masterchain", as part of its testing.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.