Russian Deputy Prime Minister Arkady Dvorkovich has said he believes blockchain technology could be applied “broadly” to state administration in the country.
Making his comments at an international science and technology forum in Kyoto, Japan, Dvorkovich stated:
“I don’t have the slightest doubt blockchain technologies will find broad use in state administration in the short term.”
As reported by Russia’s state-owned news service TASS, the politician also spelled out that the technology will require a legal framework in which to operate, adding that authorities are looking to recent regulatory developments in Japan as an example.
“All of these novelties require legislative foundation for further development, and we’re studying Japan’s experience with much interest now,” he said.
Japan has taken a more progressive approach toward blockchain and cryptocurrencies compared to other nations. The country passed legislation earlier this year which recognized bitcoin as a form of legal tender, and last week, 11 cryptocurrency exchanges were granted operating licenses.
Dvorkovich continued later emphasized that the actual process of integrating blockchain, as well as other new technologies, could involve some additional hurdles.
“The greatest challenge for the governments is to develop the regulations that would avert the emergence of a yet another fiscal bubble and would pave the road for new technological and scientific discoveries,” he said.
Development of these regulations are likely to be completed by 2019, TASS has previously indicated.
The deputy prime minister’s statements come as part of a wider effort within Russia to implement blockchain into a variety of services. In a speech in March, Prime Minister Dmitry Medvedev ordered two government ministries and a state-owned development bank to research potential applications of the tech. A week prior, he stated that blockchain could “decisively change our lives.”
A cryptocurrency law is currently being developed in Russia, though it is likely take a more restrictive tone than Japan’s recent legislation. Alexey Moiseev, Russia’s deputy finance minister, has said he expects the legislation to impose new restrictions on the kinds of permissible transactions.
Arkady Dvorkovich image via Shutterstock