Earlier this year, Vitalik Buterin attended the Economic Forum in St. Petersburg Russia and in attendance was the Russian President himself, Vladimir Putin.

According to Bloomberg, Buterin met with the Russian President on the sidelines and supported his plans to build contacts with local partners to implement blockchain technology in Russia.

Buterin later posted on Reddit that the conversation wasn’t recorded and that it was private. However, the Ethereum creator recently has form a collaborate agreement with Russia State-owned bank Vnesheconombank (VEB).

According to Coindesk, the new entity is founded to support the bank under the name Ethereum Russia. The CEO of Ethereum Russia was quoted:

The difference between Ethereum Russia and Ethereum Foundation is that while the Foundation must be left “pure” and free from conflicts of interest, other variations can collaborate with government and corporate bodies.

Russia’s Central Bank announced at the St. Petersburg Economic Forum that the Central Bank was considering launching its own cryptocurrency. Ethereum Russia just might be the official cryptocurrency for Russia in the future.

Putin aide to raise $100 million to challenge China in Bitcoin mining

Russian Miner Coin will be launching an ICO to raise $100 million dollars which will be taking advantage of Russia’s 20 gigawatt power capacity which is less than in China. The mining company is co-owned by one of President Vladimir Putin’s internet advisers.

The CEO said that Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future.

Image via Bloomberg and Moscow Times


Join and receive our newsletter to get the latest news on Ethereum, Bitcoin, alternative cryptocurrency, decentralized applications, blockchain, and the future of finance in the internet. We provide the latest news, announcements, analysis, press releases, and up-to-date information on crypto developments.
We hate spam. Your email address will not be sold or shared with anyone else.