Russia Wants Regulators to Research Blockchain Security Risks

The Security Council of Russia plans to research the risks of blockchain, according to a government statement published today.

Jun 29, 2017 at 4:40 p.m. UTC
Updated Sep 11, 2021 at 1:30 p.m. UTC

The Security Council of Russia wants to see more research conducted into the security risks of blockchain, according to a government statement published today.

The group, comprised of ministerial offices and agency heads related to national security, is chaired by Russian President Vladimir Putin. The statement, per a rough translation, indicates that the Russian government wants to resolve "a number of significant...issues associated with information security" as segments of the country's financial sector move toward adopting the tech.

The council's Interdepartmental Commission met to discuss the matter, though the exact timing of the meeting isn't immediately clear.

The announcement signifies the latest blockchain-related development within the highest echelon of Russia's government. Dmitry Medvedev, who serves as prime minister, has spoken positively about the tech and in March ordered several offices to begin researching public sector applications. Putin himself recently met ethereum creator Vitalik Buterin during a recent event.

Statements from Russia's Communications Ministry suggest that Russia could implement blockchain-related rules in the next two years, even though the country has yet to conclude a long-running effort to regulate bitcoin and other digital currencies.

Recent news reports indicate, however, that the digital currency rule-making process may be moving ahead.

Talking to Russia's international news agency RIA Novosti, Vadim Dengin of the State Duma, the lower house of the national parliament, said he believes hearings could begin soon on bills related to digital currency in spite of some internal resistance.

Image Credit: Evgenii Sribnyi / Shutterstock.com

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