Vladimir Putin seems like he loves the concept of etherum and sees at asa new solution to the outdated banking system that is tired and in desperate need for an uplift.
Putin even met with Ethereum founder Vitalik Buterin, and has now his sights set on becoming the first country to operate a national cryptocurrency system instead of using the traditional banking ways.
Cryptocurrency is boardless, more safe, more secure & offers instant transactions. When you can transact a digital transfer of ownership of any value with a system that is 100% a true source of information via the blockchain technology and smart contracts that ethereum offer, takes trust to a whole new level.
It is easy to see why Putin maybe interested in the ethereum platform as it is the blockchain of blockchains. Etherum has the power to be the next Internet with Microsoft, Intel, Jp Morgan, Samsung just to name a few all aligning with the platform really speaks for it self. (More about that in another blog to come)
Ethereum is going to be a world computer and is designed to be able to let anyone design decentralised apps (Dapps for short),smart contracts that will revolutionise every industry in the world.
Russia are leading the charge to change the banking system and looks like they will be using Cryptocurrency very soon.
Ethereum really looks like it will be the choice of platform for Russia because of the advanced technology that it offers.
“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” Putin said.
In short, it looks like Russia has plans to deal a massive blow to the banking class and they are looking for the best ways to go about it — with Gold and Cryptocurrency. Which tthey are wasting no time about moving forward with.
As Bloomberg reports, Russia’s central bank has already deployed an Ethereum-based blockchain as a pilot project to process online payments and verify customer data with lenders including Sberbank PJSC, Deputy Governor Olga Skorobogatova said at the St. Petersburg event. She didn’t rule out using Ethereum technologies for the development of a national virtual currency for Russia down the road.
Russia’s central bank has already deployed an Ethereum-based blockchain as a pilot project to process online payments and verify customer data with lenders including Sberbank PJSC, Deputy Governor Olga Skorobogatova said at the St. Petersburg event. She didn’t rule out using Ethereum technologies for the development of a national virtual currency for Russia down the road.
Last week, Russia’s state development bank VEB agreed to start using Ethereum for some administrative functions. Steelmaker Severstal PJSC tested Ethereum’s blockchain for secure transfer of international credit letters.
“Blockchain may have the same effect on businesses that the emergence on the internet once had — it would change business models, and eliminate intermediaries such as escrow agents and clerks,” said Vlad Martynov, an adviser for The Ethereum Foundation, a non-profit organization that backs the cryptocurrency. “If Russia implements it first, it will gain similar advantages to those the Western countries did at the start of the internet age.”
Times are moving fast and money is changing before our very eyes & If Russia are taking a serious look then so should you.
The Crypto Pro’s