Vladimir Putin Says Russia Needs Blockchain, Cannot be Late in the Race

Russian President Vladimir Putin said the country needs blockchain technology and stressed that it is important that Russia does not lag behind in the development and adoption of revolutionary technology.

Russia Insight, which offers unique perspectives on the Russian market, has released a video between Putin and the country's largest bank, Herman Gref, during which Putin stressed the need for the country, its regulators and the local banks. 'adopt blockchain technology. .

**"We need [blockchain technology] ... The Stone Age did not end because of the lack of stones, but because new technologies have come in. Those who are late in this race will , VERY QUICKLY, instantly under the total dependence of the leaders of these processes, "wrote Bitcoin investor and expert Trace Mayer, translating Putin's words.

Gref, who oversees the most influential financial institution in Russia, has long been a fervent optimist of cryptocurrency and blockchain. In November 2017, Gref said that cryptocurrencies are a fact of life, noting that cryptocurrencies will become an indispensable part of the global financial system.

"Virtual currencies are a natural result of blockchain technology, we can ban them, we can welcome them, it is fashionable to urge people not to play with them, but they are a fact of life",** said Gref, at a meeting of the Russian entrepreneurs' association.

At the end of January, Sberbank went so far as to say that the bank would probably launch a cryptocurrency trading platform in the future, to meet the growing demand for bitcoin and other cryptocurrencies on the market. local investors.

Sberbank's global markets chief, Andrey Shemetov, said the bank aims to provide strategic access to all types of products and services that investors may need to invest in the cryptocurrency market.

In the same month, President Putin told TASS, a Russian news agency, that regulations would be put in place to protect investors and facilitate business growth. He also noted that cryptocurrencies can function as a medium of exchange and a settlement network, but has expressed concerns about the value of the reserve.

Similar to the point of view of the vast majority of bankers and government officials, Putin said that since cryptocurrencies are not supported by anything, their value can not be justified.

However, the lack of intrinsic value is evident in all currencies, stocks, bonds, assets and commodities. The value of an asset depends solely on its supply and demand, and the market is responsible for its value. Thus, the lack of intrinsic value in cryptocurrencies is a non-problem, because the market decides, in real time, the value of cryptocurrencies on the market.

Another world leader joins the call
Last week, Indian Prime Minister Narendra Modi shared the same sentiment as President Putin, according to him, "disruptive technologies such as Block-Chain and Internet of Things will have a profound impact on the way we live and work. They will require rapid adaptation in our workplaces. "

Many cryptocurrency traders, investors, users and members of the global community have expressed optimism about Prime Minister Modi's approach to the adoption and regulation of blockchain and cryptocurrency markets.