Russian President Vladimir Putin gestures speaking at a meeting of the Valdai International Discussion Club in Sochi, Russia, on Thursday, Oct. 19, 2017. (AP Photo/Alexander Zemlianichenko, pool)

In a meeting with Herman Gref, president of the biggest Russian bank Sberbank, Vladimir Putin stated that they need blockchain technology and they cannot fall behind.

Gref, who is planning to implement blockchain technology in his bank, proposed to Putin that they should “add this discipline in the training of professionals.” Gref also said that they “need professionals in this field.” He also called for “very careful regulations” and “no prohibitions”.

Putin responded:

“We have oil, gas, coal, metals of all kinds (…) everything! (…) but we need to further advance! This is what we need. And we have to work for this.”

Putin also quoted an unnamed former oil minister of an Arab country:

“The Stone Age has not ended due to the lack of stones, but because new technologies have appeared.”

Putin emphasized that countries “who are late in this race” will be depending on leaders who adopted blockchain technology early.

“Russia cannot allow this.” He said.

Video credit: Russia Insight YouTube channel

Putin previously brought up the idea about Russia launching its own “CryptoRuble”, but according to CoinTeleGraph its legality and launch is a grey area.


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