According to reports from RIA Novosti, Russian Prime Minister Dmitry Medvedev has directed his country’s Ministries of Communications and Economic Development to study blockchain technology for possible use in Russia’s new Digital Economy program. The instructions were delivered in a recent meeting between Medvedev and various government vice-premiers.
The Prime Minister praised the new technology, noting that, “One of the breakthrough technologies is blockchain. This tool is already used by large banks, corporations and even some states.” Medvedev reportedly spent time explaining the technology to the gathered officials, emphasizing the decentralized and immutable nature of its data storage system.
"It is necessary to analyze how all this applies to our management system, and public administration, and the economy ... I have instructed the Ministry of Communications, Ministry of Economic Development to consider the application of these technologies in the preparation of the digital economy program.”
This is not the first time that Medvedev has had positive things to say about blockchain technology. Just last month, he said, "I'm not against the use of blockchain technologies that have become widely circulated and which may thus decisively change our lives.” As Prime Minister, Medvedev is the second most-powerful official inside the Russian Federation. His backing for distributed ledger technology could be a sign that the Russian government’s commitment to future FinTech innovation extends well beyond words.