Bright and a Dark Side
The Prime Minister expressed his remarks at Gaidar Forum. The forum is an annual international scientific gathering that focuses primarily on economics and how science and technology can help it.
Dimitry Medvedev, who also happens to be the ex-president of Russia, pointed out how significant cryptocurrencies have become in the modern global financial systems, saying that it is being discussed by all levels of organizations and governments. The high speed of adoption of the technology, the radical changes in the traditional markets and the increasing social inequalities are all interconnected.
The Prime Minister said that like any technology, blockchain and cryptocurrencies have both, a bright and a dark side. He said, “But sure, it is not a reason to bury them [cryptocurrencies]. There is both a bright side and a dark side here, as well as in any social phenomena and any economic institution. We should monitor carefully what is going on in the space.”
Russia is very actively working in the blockchain sector, using the technology in cryptocurrencies and beyond.
Sberbank, the largest banking institution in the country usedblockchain last year for settlement of a repo agreement through smart contracts, while the Russian lower house is considering developing and issuing its own stablecoin.
Russian courts are already using the technology for storing information on IP rights, the immutable nature of the technology being the best choice to combat IP infringement.