President of Russia shows interest in Bitcoin's biggest rival, the Ethereum

Ethereum, the second largest issue, behind only dobitcoin, drew VladimirPutin's attention as a potential tool to help Russia diversify its economy beyond oil and gas.

Putin met the founder of EtherereumVitalikButerin last week and supported his plans to establish contacts with local partners to implement blockchain technology in Russia.

“A economia digital não é uma indústria separada, é essencialmente a base para a criação de novos modelos de negócios”

Putin said at the St Petersburg Economic Forum as he discussed ways to boost long-term economic growth after Russia's worst-hit recession in two decades.

Virtual currencies can help the economy by making transactions happen faster andmore securely. In addition to being a trading method, Ethereum can also serve as a reason book for everything from currency decontracting to property rights, speeding up business by cutting brokers.

Russia's central bank has already deployed an Ethereum-based block network as a pilot project to process online payments and verify customer datawith creditors, including Bank PJSC, said Deputy Gov. Olga Skorobogatova at the St. Petersburg event. It has not ruled out using Ethereum technologies for the development of a virtual national currency for Russia.

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