The discussion between the President and Ethereum co-founder focused on the possible use of blockchain technologies in the Russian Federation.

Vladimir Putin and Vitalik Buterin, a co-founder of Ethereum, held a conversation at the end of private meeting with CEOs of the largest corporations.

According to Russia’s Press Secretary, Vitalik Buterin discussed the possible use of blockchain technologies in the Russian Federation with the President who supported the idea of establishing business contacts with possible Russian partners.

According to the statement of Igor Shuvalov, the first Deputy Prime Minister, Vladimir Putin finds the idea of new digital economy creation attractive. As for now, at least three directions of Blockchain application including goods tracking and development of identity and ownership rights protection systems are being explored and tested.

The conversation of the President and Ethereum creator took place during St Petersburg’s International Economic Forum. Buterin performed speaking fluent Russian, though he left Russia at the age of six. He was one of the speakers at the panel discussion on Blockchain economy that focused on the potential of the technology to trigger the establishment of a new type of economy, as well as regulatory issues related to that process.

Buterin shared that he was lucky to speak “with people in governments including US, Canada, UK, EU, Switzerland, Russia, Singapore, China and Taiwan. I fully intend to refuse any requests to facilitate dictating, killing or oppressing people”.

The President of the Russian Federation is, certainly, the highest level official to show awareness of the industry. Earlier, the former British Chancellor purchased bitcoin in 2014 and former French Finance minister, currently President, Macron used to hold a Ledger Blue bitcoin and Ethereum wallet.

That means that there are only three high-level officials who are expected to demonstrate interest in the sphere – the Queen of Britain, the President of America, Donald Trump, and the President of China, Xi Jinping.

Certainly, it will be interesting to know what Putin thought of Buterin specifically. But it will be even more interesting to see what possible actions of America’s and China’s presidents can be taking into account the rapid development of the industry and its strategic significance if much of its promises come about.

The price of Ethereum keeps on growing having reached $246. The market capitalization now makes up $23 billion.

It is obvious that the country that will be the first to widely adopt the blockchain technology will gain considerable economic advantages over others. This strongly reminds the 80s when Britain adopted new technological inventions such as the railways.

Some countries are now testing national digital currency pilots. The Bank of England started long ago while China’s Mint unveils it is working to apply Ethereum’s blockchain to the development of a national Yuan token.

It seems that Russia strives to keep up. The deputy chairwoman of Russia’s central bank Olga Skorobogatova reveals that it is high time to develop national cryptocurrencies as this is the future.

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