Rostec, a Russian state-owned holding company, proposes a roadmap for applying blockchain to all government data systems. This was reported by Kommersant , local financial newspaper , on May 24,
According to reports, Rostec’s Rostec-affiliated institution has created a blockchain roadmap that is worth up to 85 Billion Rubles ($1.3B). This roadmap will have an economic impact of up 1.6 Trillion rubles ($25.4B) over five years.
This presentation was made at the blockchain conference that Rostec’s structural body, Novosibirsk Institute of Programming Systems(NIPS) held in Tatarstan on May 23.
Kommersant reports that the NIPS roadmap will include additional services, such as the implementation of blockchain in industrial enterprises’ processes and data systems, municipal elections, and monitoring of the budgetary performance.
Further, the report notes that regulation for cryptocurrency and blockchain is a major obstacle to the adoption of the roadmap. Yuri Pripachkin, president of the Russian Association of Cryptocurrency and Blockchain calls regulation lack a “catastrophic hurdle on the path to blockchain adoption.”
Experts believe that the legislation needed should be in place by late 2019, in order to achieve better results. The roadmap assumes that the regulation will be in place by 2021.
Dmitry Medvedev (Russian prime minister and ex-president), claims that regulations are not important for Russia since cryptocurrency “have lost their popularity.”
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