Russian President Putin is interested in Bitcoin’s rival

The biggest Bitcoin’s rival in the virtual currency world is Ethereum, which is eyeing Russian President Vladimir Putin as being instrumental in helping the country diversify the economy.

Russian President Putin met Ethereum’s “father”, Vitalik Buterin on the sidelines of the International Economic Forum in St. Petersburg on June 2. President Putin supports Mr Buterin’s plan to build relationships with local partners to adopt secure data transmission technology in Russia, according to the Kremlin’s official statement.

Ethereum is now behind Bitcoin in the virtual currency world.

At this event, President Putin expressed: “Digital economy is not a separate industry. It is the foundation for the formation of completely new business models”. In addition, the Russian leader also mentioned the means of promoting long-term growth in Russia after the worst recession in two decades in Russia ended.

According to Bloomberg, virtual currency can help the Russian economy by helping online transactions move faster and safer. In addition to being a form of exchange, Ethereum can also represent everything from currency contracts to property rights, thereby accelerating business processes by cutting back on work such as notary.

Deputy Governor of the Russian Central Bank – Olga Skorobogatova said the agency has implemented Ethereum’s secure data transmission technology. This is a pilot project for processing payments on the internet and verifying customer data with a loan.

Ms. Skorobogatova also does not exclude the possibility of using Ethereum’s technology for the development of a Russian national virtual currency.

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