Blockchain: The new oil of Russia?

Blockchain: The new oil of Russia?

Blockchain: The new oil of Russia?

On July 8, the State Duma ( the Lower house of the Federal Assembly) held parliamentary hearings on the topic “Issues of the development of the digital economy.” Deputies, officials and experts discussed digital signatures, electronic workbooks, as well as the creation of an effective legal framework for the country’s digital development and confirmed that cryptocurrency legislation should appear in Russia before the end of July.

According to Deputy Prime Minister Maxim Akimov, without digital technology, it is impossible to deliver medical or modern education services to remote areas. He stressed that a balance must be maintained between technological development and social consequences.

Becoming a leader

“We have the seventh place in the world in terms of the degree of people’s involvement in the digital economy. 86% of the Russian population use the Internet every day. […] Russia has all the prerequisites for embedding into the digital world as a leader,” said Akimov.

The Minister of Economic Development of the Russian Federation, Maxim Oreshkin, noted that the bill on digital signatures has already been submitted to the State Duma, as well as the document on the creation of electronic duplicates of paper documents and on the permanent storage of electronic documents. In addition, the government approved the law on e-books of Russians.

“A well-considered decision here can be a very strong incentive for employment growth, income growth for the population, especially outside large cities,” said Oreshkin.

The State Duma also discussed the implementation of the national project “Digital Economy”, within which the 5G communications technology will be maintained. Until the end of 2021, networks of the fifth generation will appear in at least 10 million cities. The Minister of Digital Development, Communications and Mass Communications Konstantin Noskov said that in the next six years, the government will send more than 280 billion rubles to support high-tech business.

Dmitry Kirillov, head of the tax dispute practice at MEF Audit, noted that the legislation related to electronic signatures contains a number of gaps used by fraudsters. To prevent this, the government is now considering the introduction of several documents that will improve the safety of citizens and reduce costs.

“I can only welcome the recent digital initiatives, such as electronic personnel document flow and the ability to submit scanned images certified by digital signature during tax control, instead of tens of kilograms of paper copies of documents. I agree with the general opinion of the speakers of the hearings that digital technologies are very sensitive to regulatory errors, for this reason it is important to ensure the high quality of the bills, even if at the expense of their speed of adoption. At the same time, the protection of personal data should not be sacrificed for global digitalization,” the expert concluded.

The blockchain is the new oil of Russia

The report of the partner of the law firm Taxology, deputy chairman of the Commission on the Legal Support of the Digital Economy of the Moscow branch of AYUR Mikhail Ouspensky was included in the final resolution. The report included issues of blockchain technology benefits. According to the specialist, the technology of the distributed registry can reduce the time from the sale of a ticket by the airline to the receipt of funds from 10 days to 27 seconds.

“Blockchain can be implemented in almost any segment of public services where documentary registration or confirmation is required,” Ouspensky explained.

He added that the lack of a legislative base could be a critical obstacle to the introduction of the blockchain. Among the advantages of the technology, the expert called the reliability and robustness of the system against cyber attacks, transparency and audibility, the ability to create self-fulfilling smart contracts and dramatic transaction acceleration due to “getting rid of intermediaries and delays”. Ouspensky concluded with the words that “the blockchain is the new oil of Russia”.

Cryptocurrency legislation should appear in Russia before the end of July. Now the government of the country decides the status of digital money – whether it will be equal to foreign currency. In this case, it can be bought, stored and sold, but can not be used as a means of payment.


About Viktor Sokolov 163 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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