New financial technologies are being warmed up to take place in 2019. The legal provisions for the legalization of the DLT technologies like blockchain is expected to be in place. The latest tech legalization program is developed by Russia’s Ministry of Telecom and Mass Communications.
The blockchain technology has been receiving growing support from various Russian businesses. Earlier this year, Russian media reported that payments services provider Qiwi PLC (NASDAQ:QIWI) had set up a subsidiary called Qiwi Blockchain Technologies. This year March, Prime Minister of Russia Dmitry Medvedev decided to join as a supporter of blockchain technology by instructing the Ministry of Telecom and Mass Communications and the Ministry of Economic Development to examine the possible applications of the blockchain technology during the preparation of the “Digital Economy” program.
Some of the businesses who are eager to explore the potential of this technology, however, have experienced difficulties due to the international political climate. Their wish to join the consortium will not be approved due to anti-Russian sanctions.