Russian Prime Minister Dmitry Medvedev has given instructions to two government ministries to study and research the application of blockchain technology as a part of the country’s ‘digital economy’ program.

First reported in regional publication RIA Novosti, Russian interest in embracing Fintech has gained its most prominent proponent with the country’s prime minister.

In a meeting with vice-premiers of the Russian government, the country’s prime minister has ordered the Ministry of Communications and the Ministry of Economic Development to consider the possibility of using the technology for public administration.

According to a transcript posted on the official Russian government website yesterday, Medvedev specifically picked blockchain as a “breakthrough” digital technology.

Medvedev is quoted as saying:

One of the breakthrough technologies is blockchain. This tool is already used by large banks, corporations and even some states (countries).

Big on Blockchain

The second most powerful figure in the Russian Federation then went on to explain blockchain technology to the assembled vice-premiers, highlighting the lack of intermediaries with the information secured by the members on the shared ledger.

“Since there is no single repository of information as it is divided into blocks, to rewrite this information without the knowledge of others,” Medvedev said, “is impossible.”

The Russian PM plainly stated it was “necessary to analyze how all this [blockchain tech] applies to our public administration and economy.”

Notably, he added:

I gave instructions to relevant ministries – the Ministry of Communications and the Ministry of Economic Development – to consider the application of these technologies in the preparation of the “Digital Economy” program.

Appointed by Russian President Vladimir Putin, Medvedev was recently quoted as saying that blockchain technology “could decisively change our lives” while adding that he isn’t against the use of the innovation.

The application of bitcoin’s underlying technology is also being considered among a proposal to improve regulation of Russia’s national payment system. Sberbank, Russia’s largest bank has notably launched a blockchain project in partnership with a federal agency for document exchange. The bank’s chief executive and notable bitcoiner Herman Gref claimed last month that blockchain technology will see commercial applications in Russia by the year 2019.

Image from Shutterstock.

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