In a move that feels like bold prophecies from a sci-fi novel, Russia’s Ministry of Communications, fondly known as Minkomsvyaz, has declared its intention to “legalize” Blockchain technology by 2019. Yes, you heard it right! It seems the Russian government has finally decided to step into the future.
The Blueprint for Blockchain
A recent revelation from the local news agency TASS unveiled a document that outlines the roadmap for the Digital Economy of the Russian Federation project. This not-so-secret plan aims to establish regulatory acts governing Blockchain technology. Wait, what? Isn’t that a little like creating rules for time travel?
What’s in the Document?
The document refers to bringing into effect regulatory acts that govern the possible use of decentralized registers and legal certificates. Sounds snazzy, right? Imagine a world where your digital identity is sealed with the same conviction as a wax stamp on a royal decree. Or, at the very least, it might finally settle the arguments over who borrowed who’s Netflix password.
Prime Minister’s Request
A significant driving force behind this initiative was Prime Minister Dmitry Medvedev himself. Back in March, he peered into the crystal ball and instructed Minkomsvyaz, along with the Ministry of Economic Growth (Minekonomrazvitie), to investigate the potential applicability of Blockchain to the Russian government’s system. It’s like a government-sponsored treasure hunt, but instead of pirates, we have ledgers and cryptography!
Central Bank’s Softening Stance
Interestingly enough, the central bank of Russia threw in some reassuring news by stating that it won’t pursue a ban on cryptocurrencies, including the ever-so-popular Bitcoin. Finally, after years of jittery nerves and uncertainty, it’s starting to sound like cryptocurrency is actually welcome at the Russian table!
What’s Next for Cryptocurrency?
With 2018 looming, the authorities have stated their mission: to create hard-and-fast laws governing cryptocurrency that will allow them to keep an eye on transactions. Because what’s better than regulations? Regulatory oversight, of course!
Predictions on Blockchain Adoption
Back in the good old days of January, Hermann Gref, the head honcho at Sberbank, confidently predicted that mainstream commercial use of Blockchain would materialize in Russia by 2019. Others are even more optimistic, hinting at an earlier rollout by the end of 2017. Let’s just hope they don’t end up like that kid who always says they’ll finish their project “tomorrow.”
Wrap-Up
So, there you have it! While the world continues to debate the merits of cryptocurrencies, Russia seems to be unfurling its Blockchain banner. Whether this will lead to a digital utopia or just more paperwork remains to be seen. In the meantime, we’ll be keeping our fingers crossed—and wallets ready!
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