The President of Russia, Mr. Vladimir Putin in an informal chat with the President of Sberbank. Mr. Herman Gref stressed the need to stay abreast of technology such as the development of blockchain. Sberbank is the largest bank in Russia.

Sberbank in alliance with Federal Antimonopoly Service of Russia has implemented the Blockchain technology in the storage systems and transfer of the documents in December 2017. It is also believed that Sberbank is also in advanced stages to open an Exchange for Cryptocurrency in Switzerland.

While speaking with Mr. Putin, the president of Sberbank stressed the need to train the professionals in the latest technology – Blockchain because of its importance and size in the world. In a bid to embrace the technology and push ahead with innovation, he further underlined the need for tight controls instead of prohibition.

Without referring to the latest Blockchain technology, Mr. Putin said why the nation requires this industry when we are already abundant with a variety of metals, gas, coal, oil, and diamonds etc. He further said, the industry is also progressing in our nation that already has an intellectual base. He further stressed the need to develop its own technology and stay in tune with latest technologies.

The President of Russia further said without directly mentioning about the blockchain, the countries that fail to embrace this new technology will have to fall behind and depend on others. So, Russia will not let this happen and should have its own burst.

Mr. Putin has already suggested developing its own CryptoRubble in the past, but the launch and legality are still in the nascent stage.

In the recent past, the Russian President suggested unveiling of multinational Cryptocurrency, which is to be adopted by the EU countries and the BRICS to benefit from Smart contracts and the Blockchain. It is the backdrop of his meeting with the co-founder of Ethereum, Mr. Vitalik Buterin in January 2018.

Why Blockchain Matters for the countries worldwide?

It is a secured ledger database for transactions. It resides on the computers of interested parties across the world rather than on a single server. No one can delete or modify the distributed database. It is more secure.