Vladimir Putin: The Blockchain Race Is On!

In a recent gathering, Herman Gref, the president of Sberbank – the biggest bank in Russia, called for legislation of cryptocurrencies such as bitcoin. His reasoning was that the technology already has a considerable impact on the world. Gref also calls for training of professionals in the blockchain industry and for future regulation surrounding this technology to be implemented very carefully.

Vladimir Putin replies to this proposition acknowledging the blockchain technology and its potential. Putin then proceeds to explain why Russia would even need such a technology when they already have quote “oil, gas, coal metals of all kinds, ferrous and non-ferrous, gold, platinum, diamond – everything”. The reason is advancement, Russia needs to quote “further advance and work for this”.

An insightful analogy was shared with the group by Vladimir Putin who was told it by a colleague.

The stone age has not ended due to the lack of stones, but because new technologies have appeared


“And now a new technology has emerged in the world” -Putin following the analogy, emphasizing the fact that the blockchain technology potentially can be the start of a new era. Russia has all the opportunities and possibilities to be up to date on this technology according to Vladimir Putin. Another very notable quote made by Putin during this meeting not only shows the power of the technology but also confirms that the world leaders truly are taking this technological advancement seriously and are scared to be left behind.

He who is late in this race will be under full dependence on the leaders of these processes. Something Russia can not allow.

This truly is exciting times for blockchain technology and cryptocurrencies, time will only tell if other world leaders come forth to give their opinion and standpoint on this subject. The entire video is linked below and can be viewed with English subtitles.


Quotes/Source: https://www.youtube.com/watch?v=-Toso2Cd_30&ab_channel=RussiaInsight

Disclaimer: Some of the speech in the youtube video is not translated into fully comprehensive English, but the overall meaning should be expressed correctly.

Leave a Reply