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National cryptocurrency will give advantages to Russia during sanctions


Participants of the market explained this during the St. Petersburg International Economic Forum.

Blockchain technologies and the national cryptocurrency will allow Russia to get a number of advantages in terms of sanctions, experts said on the St. Petersburg International Economic Forum.

According to Sergei Zhigarev, Chairman of the State Duma Committee for Economic Policy, Industry, Innovative Development and Entrepreneurship, the blockchain will allow Russia to bypass various sanctions.

“The appearance, for example, of the national cryptocurrency or the cryptocurrency, which would be used in the calculations with our partners, including today, where they are going to impose all kinds of financial restrictions, would make it possible and simplify our transactions,” Zhigarev stated.

Regarding the blockchain, he noted that Russia needs to develop and adopt this technology as soon as possible.

In addition, the head of the Russian Association of Cryptocurrency and Blockchain Yuri Pripachkin assured that Russia is not going to stay away from such promising technologies.

“Thanks to such projects on the blockchain as “Active citizen”, we can transform the social activity of citizens into the economy.” This is a real digital economy – a new one, rather than stretched to an analog one, “the expert concluded.

At the same time, the Deputy Chairman of the Bank of Russia, Olga Skorobogatova, believes that the blockchain is not yet a mature technology, nor it can be used on an industrial scale.

“Finance sees this as cons in terms of use, especially where registration is needed, a trusted environment and where it is necessary to see all players in one trusted field, while only 10% of organizations believe that they will have a real effect,” said Skorobogatova.

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