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Russia’s State-owned Vnesheconombank Inks Deal With Ethereum Foundation

by on August 31, 2017

There is yet another development in the relationship between Russia and cryptocurrency. More specifically, the Ethereum Foundation inked a deal with Vnesheconombank, which is state-owned. The goal is to work together to support a new blockchain research center. Additionally, the foundation will provide specialist training for DLT and the Ethereum platform itself. A major development that can catapult Ethereum to new heights in the coming years.

It has to be said, Russian officials have shown a major interest in Ethereum. In fact, it is possible Russia’s national digital currency will be issued as an Ethereum-based token. It is unclear if and when that project will ever come to fruition, though. With this new deal between the Ethereum Foundation and Vnesheconombank,m we have another interesting plot twist on our hands. It remains to be seen how things will effectively play out, though.

Vnesheconombank Shown a Keen Interest in Ethereum

More specifically, this new collaboration will focus on a few key aspects. First of all, the goal is to develop a new blockchain research center. This will help elevate DLT adoption to new heights as far as Ethereum and Russia are concerned. Additionally, the Ethereum Foundation will provide specialist training for the Ethereum platform and DLT as well. This is a major breakthrough for both parties, to say the least.

It is evident Russia is slowly warming up to Ethereum technology. There is a growing community of experts in the country as we speak. Moreover, there is a growing demand for proper specialist training in this regard. Vitalik Buterin states how a collaboration with VEB is a unique opportunity in this regard. Engaging in research and development of blockchain technology for public administration is a big step forward. It will also accelerate the adoption of DLT by government organizations in the Russian Federation.

Even though Russia may not be a big fan of cryptocurrency right now, blockchain technology is a different matter. More specifically, the government is ready to embrace DLT on a nationwide scale in the coming years. They will pay a lot of attention to the Ethereum blockchain in this regard, by the look of things. It’s good to see a Russian state-owned development bank get involved in the process. Vnesheconombank is a major partner for the Ethereum Foundation in this regard.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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