Russian Government calls for Bitcoin and Blockchain adoption

The leader of Russian Party of Growth has urged for legalization of digital currencies such as bitcoin and become a leader in the development of blockchain technologies, Russian news agency Tass reported.

Speaking at a press conference, the Presidential Commissioner for Entrepreneurs Rights Boris Titov noted that currently 2 million people have opened their bitcoin wallets in the country, according to latest estimates.

He said that the first step towards to embrace this technology is the creation of clear and transparent legal regime for cryptocurrency. To that end, the party proposes legalizing mining, recognizing “cryptocurrency object property rights”, ensuring recognition of the blockchain timestamp network as evidence in Russian courts, allowing cryptocurrency for payment of goods, services, and labor, and allowing the use of cryptocurrency on par with fiat currencies for investments, News reported.

Speaking of blockchain technology, Titov said that Russia should become a leader in blockchain development. He said that that the technology will provide full transparency in both financial relations and those between the state and the society.

“Russia can take advantage of the difficult economic situation that has developed today for us to become a very profitable country open to blockchain”, he said (Google translated).

Titov also that embracing digital currencies and blockchain technology also depends, to a great extent, on the country itself – how successfully it will be able to use these opportunities and develop its economy, to spur the growth of the digital currency in the country, Forklog reported.