Russia Becomes First Country to Implement Block Chain

Russia’s state-run bank Sberbank announced that it is entering into a partnership with Federal Antimonopoly Service (FAS) to implement document transfer and storage via block chain network. With this announcement, Russia has become the first-country to complete a government-level block chain implementation.

Russian government’s interest in block chain technology dates back to several years. Earlier in June, Russian President Vladimir Putin met Ethereum cofounder Vitalik Buterin. In August, VEB, a state-run bank signed an agreement with the Ethereum Foundation to develop block chain education programs in the country.

In the Sber bank announcement, Andrey Tsarikovskiy, the state secretary and deputy head of FAS, has stated

“Our country is opening up new possibilities for the economy through the use of advanced knowledge and technology. Making the system launch a reality means we are not only one of the first actual users of block chain for government in the world, but also [are pioneering its use] as a practical tool for further growth.”

Ironically, the Russian government has a tough stance on the use of crypto currencies by its citizens.