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With the World Economic Forum taking place in Davos, a number of participants have expressed enthusiasm about the blockchain technology, but remained sceptical about cryptocurrency.

According to Russian business daily Vedomosti, during the “Russia and the Global Digital Agenda” panel session, organised by the ‘Russia House’ platform, Russian Minister of Communications and Mass Media Nikolay Nikiforov was asked by Time reporter about Russian government’s motivation to promote the blockchain and cryptocurrency.

“Blockchain is an essential technology of digital economy that makes the economy more effective and, as a result, improves the quality of life,” responded Nikiforov. Yet he said that Russia does not approve of cryptocurrency, “I have no idea what cryptocurrency is, there’s no clear definition.”

Speaking of digital tokens, the minister focused on the need to establish a regulatory framework, adding that Russia will have one soon. A number of panel participants voiced an idea that Russia could lead the blockchain movement.

“Blockchain speaks Russian, and the technology itself is dominated by Russians,” remarked Alexander Borodich, founder of Universa blockchain platform.

The blockchain browser (technology that allows blockchain use everywhere) has not been invented yet, but Russia is a step away from the digital revolution – universities open entire blockchain departments, while companies and banks join in the frenzy.

The founder of another blockchain platform, Waves, Alexander Ivanov, agrees that all financial markets sooner or later will adopt the blockchain and Russia has a potential to become a leader. – Crypto-Reporter.