The New Prime Minister of Russia Calling For Digital Economy

News / 16.01.2020

Mikhail Mishustin was confirmed as Prime Minister today. Today, a news outlet, RIA Novosti, reported certain major priorities for the work of the new prime minister and highlighted the necessity of institutional reforms in the country.

Mishustin has called for the prioritization of the country’s digital economy development. He emphasized the implementation of latest information technologies, as well as the need to develop a digital economy program.

The statement of Mishustin came following the announcement of the former prime minister’s resignation. The resignation was due to some basic changes to Russia’s constitution highlighted by the president of the country to the Federal Assembly.

The majority of Russian companies have started testing and applying blockchain technology to several aspects of their operations. In Dec. 2019, the country’s energy grid operator started testing the use of blockchain solutions to handle electricity payments by automating and enhancing transparency of transactions between energy producers, suppliers and consumers.

In November 2019, Sberbank, owned by the government, pioneered a blockchain solution for repurchase agreements. Sherbank obtained a patent for the solution that utilizes smart contract technology for the automation of repo transactions between parties.

Key participants in the cryptocurrency and blockchain domain have praised Russia’s role in developing the industry. In 2019, Last year, Binance’s CEO, Changpeng Zhao, exalted the programming talent within Russia, thereby naming the country’s president the most influential person in the blockchain industry.

Despite efforts towards the legal definition of cryptos, digital currencies still lack well-established legal ground to operate in the country. There have been calls for the introduction of a regulatory framework. The president ordered it twice and both the local Supreme Arbitration Court and the Financial Action Task Force called for it.

The cryptocurrency bill passed by the country’s parliament in May 2018 was returned to a first reading because it lacked definitions for major concepts, like cryptocurrency mining, cryptocurrencies and tokens.

Further, two months ago, it was in the news that Russia was planning to ban payment of goods and services using cryptocurrencies. However, the country’s central bank said: “If a decision is made to ban cryptocurrencies as a means of payment at the level of legislation, we consider it appropriate to support this position.”

At the same time, it was reported that the country was planning the creation of legal statutes to allow the police to confiscate Bitcoin.


Mikhail Mishustin, in Moscow, Russia January 16, 2020. REUTERS/Evgenia Novozhenina. Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.