Russia Plans Steps Toward Its Own Cryptocurrency and Blockchain Platform [in News]
In a Press-Release¹ by the Russian National Settlement Depository (NSD), the largest exchange group in Russia and the central depository for the Moscow Exchange, the organization announced that it had begun development of a blockchain platform to support digital assets in partnership with the Waves Platform.
The Waves Platform, a smart-contract-enabled open blockchain platform – to the likes of Ethereum – can be used by developers to launch, distribute and trade their own "crypto token".²
Above: A brief demonstration of Waves Platform functionality.³
According to the NSD Press-Release, the platform will provide storage and hosting for "tokenised and crypto assets", and include architecture to settle transactions, and provide identification for owners of cryptocurrency wallets. In other words, the platform would enable the NSD to act as an intermediary for institutional clients such as banks and pension funds, as well as retail investors, between digital assets and fiat currencies.
The Chairman of the Executive Board of the NSD, Eddie Astanin, stated in the press-release:
As late as July, the NSD had previously stated it was researching proposals and considering options to interact formally with crypto tokens.
Despite the recent developments, CEO of Waves Platform, Sasha Ivanov, has expressed that efficient legal mechanisms for enabling digital assets to operate at a state level remains a major issue.
Ivanov's statement is a mark of the current legislative environment in Russia, as the government struggles to find consensus on a clear and consistent policy on digital assets.
It is possible that the Russian National Settlement Depository's plan towards a state-owned cryptocurrency and blockchain platform is a tiered-step plan towards what is to become a mandatory platform and wallet for storage of all digital currency within the country.
Whether the proposed intermediary platform is an innovative means of storing digital assets and collecting transaction information as an indirect means of revenue via taxation, or through imposed transaction fees, remains to be seen.
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