Vladimir Putin said Russia needs Blockchain, can not 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 fall behind in the development and adoption of revolutionary technology.

Russia Insight, which gives a unique insight into the Russian market, has released a video featuring a discussion between Putin and the country's largest bank president Herman Gref Sberbank, during which Putin noted the country's need, its regulators and local banks to adopt blockchain technology.

"We need [blockchain technology]. ... Stone Age did not finish because of the lack of stones, but because new technologies appeared. Those late in this race instantly, very fast, totally dependent on 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 an optimistic and passionate cryptocurrency blockchain. In November 2017, Gref said that cryptocurrencies are a fact of our 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 encourage people not to play with them. But they are a fact of our life, "said Gref, at a meeting of the Russian Association of Entrepreneurs.

In late January, Sberbank went so far as to say that the bank will probably launch a trading platform in the future cryptocurrency, to meet the rapidly growing demand for Bitcoin and other cryptocurrencies in the market. local investors.

Head of Global Markets Sberbank Andrey Chemetov said the bank aims to provide strategic access to all types of products and services to investors may need to invest in the cryptocurrency market.

The same month, President Putin told TASS, a Russian news agency, that regulations will be implemented to protect investors and facilitate business growth. He further noted that cryptocurrencies can work as a medium of exchange and a settlement network, but has expressed concerns about the store's value appearance.

Similar to the 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 absence of intrinsic value is apparent 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 cryptocurrencies is a non-issue, as the market decides, in real time, the value of cryptocurrencies on the market.

Another world leader joins the call

Last week, India's Prime Minister Narendra Modi shares the same sentiment as President Putin, as he writes, "Breakthrough technologies like Block-chain and the Internet of Things, will have a profound impact on how which we live and work. They will need a quick adaptation in our workplaces ".

Many traders, cryptocurrency 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.

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