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Russian State Bank Signs Deal with Vitalik Buterin

New reports indicate that the government of Russia has signed an agreement with the Ethereum Foundation in a partnership that will see the Ethereum Foundation take charge of building and implementing government apps. This comes months after Vitalik Buterin, creator of the Ethereum Foundation, met president Vladimir Putin at an economic forum in St. Petersburg, and won him over about blockchain technology.

vladimir putin signs deal with vitalik buterin

Vnesheconombank, a state-owned development bank, entered into partnership with the Ethereum Foundation during a tech conference titled: “Blockchain: New Oil of Russia.”

An official statement by a representative of Vnesheconombank revealed that the partnership is going to be long term and that the Ethereum Foundation will handle government’s interests in developing blockchain applications that will solve problems in areas such as government registries, education and training.

Russian banks have taken to blockchain technology with a lot of enthusiasm. The Bank of Russia has already commissioned development of “Masterchain” >> an Ethereum Blockchain App that will enable instant messaging between Russian financial institutions.

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All these developments are a win not only for Vitalik Buterin but also for the blockchain (and entire crypto) industry. The partnership also kind of redeems Putin’s image as being opposed to development of new disrupting technologies >> especially considering the tension between him and Pavel, creator of Vontakte.

Russia’s Central Bank also plans to issue a national digital currency based on the Ethereum Blockchain >> (now that’s not good!)

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