Russia’s PM: Blockchain Tech Could Bring Big Changes

Stan Higgins
Feb 27, 2017 at 17:01 UTC
Updated Feb 27, 2017 at 23:49 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.

Image Credit: ID1974 /