On August 24th, EXANTE’s Executive Director and founder of Bitcoin Fund Anatoliy Knyazev took part in the meeting held by German Klimenko, the appointed Presidential Adviser. The panel was dedicated to the development of blockchain technology in Russia.
The participants of the discussion came to a common decision to establish a cryptocurrency working group and use Moscow as a testing ground for implementing blockchain.
‘It is surely great that all participants had a clear vision of what blockchain and bitcoin are about. It’s no less important that a detailed analysis of all possible effects on the state authorities was presented during the discussion. However, the most significant point is that all participants had a good grip of the subject and had their own view’, Anatoliy said.
Blockchain is a group of technological solutions which allow to provide a secure storage of a list of records made in the distributed database. The distributed database consists of data structure blocks which hold batches of all transactions. Each block contains a link to a previous block. This allows to use and manage data without a single regulator. The majority of projects which today employ this technology are carried out on a trial run. The most large-scale among them is bitcoin cryptocurrency. This is blockchain that enables bitcoin’s circulation without any central authority and issuer. The principles of blockchain are being actively studied by the central banks and financial organisation which aim to establish financial services using this technology.
The Deputy Director of The Department of Information Technologies of the Moscow city proposed to incorporate blockchain into the voting system 'Active Citizen' which is currently being used by over 1.3 million people. According to him, 'Moscow is ready to become the pilot platform', however, the upcoming work can be setback by the undefined legal status of blockchain technology.
'If I may say so, the majority of state authorities are no more allergic to blockchain. They don’t idealise it though. Having got into the issue and realised that blockchain needs further study, they are now ready to carefully implement this technology. Creating a legal and regulatory framework for launching such block chains in Russia would permit performing other interesting tasks that face our government’, stated Anatoliy.
EXANTE on the whole encourages blockchain-initiatives made by the Russian government and is actively involved in their implementation. Having established a few years ago a highly-profitable hedge-fund Bitcoin Fund and closely cooperating with many bitcoin exchanges, the founders of the company amassed a wealth of experience in this technology. EXANTE is now willing to share this experience for carrying out other projects aimed on developing in Russia not only blockchain but other crypto technologies as well.