St. Petersburg international economic forum discussed the prospects of Russian national cryptocurrencies and the benefits of the blockchain

According to experts, the competent use of newfangled tools will contribute to reducing the negative impact of anti-Russian sanctions. We remind that since the end of last year, after the relevant initiative of Vladimir Putin, the Government and the state Duma are considering various options for the legal regulation of cryptocurrencies, ICO, mining and blockchain. At the moment, all the draft laws on the legalization of the new industry received by the lower house of Parliament were adopted in the first reading.

Cryptocurrency and Blockchain Prospects at SPIEF

For example, the bill "on digital financial assets" directly says that cryptocurrencies cannot be considered a legal tender within the Russian Federation.

Speaking about the plans to circumvent Western sanctions, the state Duma Deputy Sergei Zhigarev emphasized that the national cryptocurrency and blockchain technology would greatly simplify the state's payments within the country and with foreign partners.

The parliament also insisted on the need to accelerate the adoption of all relevant laws. He stressed that the terminology used in legislation should be based on international standards.

When discussing this issue, one of the leaders of the company Deloitte US Robert Contra shared his thoughts. According to him, blockchain is a great opportunity to provide financial services.

Apparently, with a very ambiguous attitude to the crypto-currency industry as a whole, the benefit of the blockchain has become today the cornerstone that unites many politicians and entrepreneurs. At the forum, the correctness of the use of new technology, among others, was noted by the President of RAKIB Yuri Pripachkin. He is sure that in case of adoption of the qualitative legislation Russia has chances to become the leading world power in the field of digital economy.

Challenges and Skepticism Around Blockchain Investments

However, there was a place for skepticism about the successful use of blockchain technologies in modern Russia. From the point of view of the Alternate of Chairman of the Central Bank Olga Skorobogatova, the technology requires improvements. In addition, the blockchain is still widely used only in the crypto-currency market, which means there is no confidence in its reliability for all spheres of the economy.

The official notes that the investment volume of the blockchain is not as huge as it seems.

This year, St. Petersburg hosts the international economic forum 22 times, which has traditionally become the center of attraction for numerous politicians and businessmen from the former Soviet Union, Asia, Africa, South America, the United States and some European countries. This year, among the visitors of the forum was the President of France Emmanuel Macron, who has already had a business dialogue with the President of Russia. In connection with the upcoming world Cup, the financial forum for the second time in its history is held not in June, but in May.