Bitcoin rival Ethereum can turn Russia into the global hub for blockchain technology – RT Business News

Russia can become a world leader in blockchain, a technology that could revolutionize the financial sector. RT interviewed Ethereum founder Vitalik Buterin and the currency’s representative in Russia, Vladislav Martynov.

According to Buterin, global leadership could be achieved with the help of Ethereum, a decentralized computing platform, and its unlimited applications.

Ethereum has become such a popular cryptocurrency that it is the second largest in the world after Bitcoin, with a capitalization of $ 32 billion.

According to the founder, blockchain isn’t just about cryptocurrencies, the technology has broader uses. While cryptocurrencies have earned a questionable reputation, the blockchain ledger behind it offers tremendous potential for simplifying transactions across a wide variety of industries.

Buterin, who met President Putin on the sidelines of the International Economic Forum in St. Petersburg in June, told RT that Ethereum has huge expansion plans for Russia.

The company’s representative in Russia, Martynov, added: “In five years, Russia could become a global center for blockchain expertise. The country plans to attract and teach programmers for blockchain technology and then to offer the worldwide know-how. “

Ethereum intends to expand in Russia, he added.

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“For example, ministries use a central IT system that is very expensive to maintain. The blockchain is decentralized and allows the government to save money, ”Martynov said.

Second, there is little human factor in blockchain technology. The level of bureaucracy and corruption will decrease because people are always at risk. “

Buterin added that “such technology allows you to send money from South Korea to Kyrgyzstan, Crimea or Guatemala as if it were next to you.”

When asked if blockchain could harm the global financial sector, Buterin pointed out that “people switched from gold to paper as money. Then they started using a different type of paper than money. Even if blockchain is the form of the global economy changed, humanity will surely go through it. “

The Russian-born inventor emphasized that any new technology could be misused. However, the positives will outweigh the negatives in its long term uses.

Buterin’s cryptocurrency Ethereum has a market capitalization of more than $ 32 billion.

In the last twelve months, an Ethereum has grown from USD 10 to around USD 350, which corresponds to an increase in value of 3,500 percent.

Born in Kolomna in the Moscow region, Buterin immigrated to Canada with his parents and moved to Singapore this year.