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Putin Keen on Digitising Russian Economy Using Ethereum

Putin Keen on Digitising Russian Economy Using Ethereum

Russian President Putin finds Ethereum, the world's second largest cryptocurrency to be a potential tool to diversify Russia’s economy.

In a meeting with the Vitalik Buterin, Russian programmer and co-founder of Ethereum, the President supported Buterin’s plans to cooperate with Russian partners to bring blockchain technology to the country.

With Russia into serious consideration of developing a national cryptocurrency, Ethereum technologies can be used in the project. It can help the economy by making online transactions more quick and safe, as they are based on the virtual currencies and technologies.

An Ethereum-based blockchain to process online payments and verify customer data with lenders including Sberbank has already been the pilot project by the Russian Central Bank.

Ethereum use for some administrative functions at the beginning of this month has been agreed by The Russian state bank Vnesheconombank, which provides funding for projects aimed to develop the national economy.

Ethereum's blockchain for secure transfer of international credit letters was tested by Severstal steel and mining company.

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