update 27 October 2021

Mikhail Mishustin, The New Prime Minister of Russia, Calls For Digital Economy

The news site RIA Novosti announced earlier today aired the priorities of Mikhail Mishustin, the newly confirmed Prime Minister of Russia. His major focus was on calling for significant prioritization of the country’s digital economy targeting the immediate implementation of the newly updated information technologies. He further urged utilizing the programs to foster a Russian digital economy. 

Russian Digital Economy

His appointment came after the resignation of the former prime minister, based on Federal Assembly changes made by the Russian President in light of basic constitutional changes. 

Following the prime minister’s announcement, most companies commenced testing plans and applying blockchain technology in various operational aspects. It included the energy grid operator testing that commenced in December 2019. Furthermore, it encompassed the assimilation of blockchain solutions in handling payment transactions for electricity. Automation processes aided in providing both security and transparency in the transactions made between the three significant parties; that included the customers, suppliers, and producers. 

The Sberbank, initially owned by the Russian government, officially launched a blockchain solution that followed arrangements in repurchases. It followed the institution’s patent acquisition, meant for the solutions providing smart utility contracts; mainly, for technologies that facilitated repo automated transactions among various parties. 

Russia Role in Digital Currency

Major influences of the cryptocurrency markets praised Russia’s efforts in the utilization of blockchain solutions, boosting the initial development of the crypto industry. Binance CEO, Changpeng Zhao, praised the programming talents utilized in the country. He went on to name the region’s president as the top influencer in the blockchain industry. 

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Regardless of the known efforts employed in legal definitions of cryptocurrencies, these digital assets have setbacks in providing legal grounds that are well-established and limit their operations in the country. The initial call towards regulations needed are here; the Russian president made two specific orders called for by the Financial Actions Task Force and the Supreme Arbitration Court.