The Ministry of Economic Development has proposed developing a Russian asset similar to Ethereum

The department believes that the development of its own ecosystem will provide the necessary level of data protection, processing, and storage

17.02.2022 - 14:55

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What’s new? The Ministry of Economic Development of Russia believes that the country needs to develop its own version of Ethereum and Hyperledger. The department attributes this proposal to a large number of Russian developments on foreign platforms.

The document “The development of certain high-tech areas”

What is the department’s opinion? The department specified that the domestic blockchain products should be created according to the open source model. This will allow all participants to contribute to the “process of clarifying specifications and typical business processes for industry solutions.” The Ministry of Economic Development considers the development of a blockchain registry to be a promising direction:

“One of the promising directions for building the Russian DLT (distributed ledger technology) infrastructure is the formation of a national service network of distributed registries.”

What are the prospects? The ministry is confident that the implementation of projects using technologies in the public sector will bring a wider spread of blockchain in Russia. The representatives of the department believe that the development of their own ecosystem using open source code will provide the necessary level of data protection, processing, and storage.

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