Ethereum Creator Signs Deal with Russian Bank for Ethereum Russia

By Daniel Zo Ethereum, Russia, ETH, Bank

During the last couple of months, Ethereum has had its ups and downs, yet at this time, it is close to nearing $400 in value for a single token, whereas the development of smart, decentralized applications based on smart contracts is at its peak.

Recent reports indicate that the founder of Ethereum, Vitalik Buterin, has recently signed a contract with the Russian State Bank for Foreign Economic Affairs and Development (VEB), to develop a separate entity, similar to the traditional one, named Ethereum Russia. The main purpose for this development is to help enhance the country’s abilities to create, adopt and implement blockchain technology.

Ethereum

With this in mind, the co-founder of Ethereum Russia, Vladislav Martynov mentioned that the entity will help provide events, an architecture review alongside with education for the VEB. It has also been stated that the main reason why Ethereum Russia is to be created as a separate entity, would be in order to avoid any conflicts of interest between Ethereum and Ethereum Russia, which is understandable. A good way to describe it, would be as a separate project based on a similar idea. Thanks to this aspect, all collaborations being made with either the VEB bank or the Russian government, can be carried out on a separate Ethereum platform, and blockchain network, without facing any sort of troubles from either sides.

While Russia did not have the best attitude towards digital currencies and the blockchain network when they first became a hype on the market, it is clear now that Russia wishes to be well-involved with the growing technology. In fact, in June, the President of the Russian Federation, Vladimir Putin, stated that the digital economy represents ‘the foundation for creating brand new business models’, right before meeting with Vitalik Buterin, the co-founder of Ethereum. Not only this, but the country is also aggressively developing and implementing blockchain-based technology, significantly faster when compared to some of the other major economic powers that have manifested an interest in the digital economy.

Based on everything that has been outlined so far, what do you personally think about the growing interest that Russia has in digital currencies and the blockchain network? How about the plans to develop Ethereum Russia, a separate entity and bridge of collaboration between the Ethereum platform and the Russian Government and Bank? Let us know your thoughts in the comment section below.