Russian Blockchain Technology Research Center In The Works

The Russian state-owned Vnesheconombank (VEB) has disclosed a new center focused on blockchain technology research and other emerging technologies. VEB will be working on this initiative alongside the Ministry of Economic Development, the Ministry of Finance, and the Ministry of Communications and Mass Media.  

VEB Chairman Sergei Gorkov stated: “In September, we will open the first centre focused on blockchain, convergent, and quantum technologies at the National Univeresity of Science and Technology (MISIS). We plan to create a group of investment funds with external financing from both Russian and foreign investors.”

In another project, VEB is currently working with Indian firm Srei Infrastructure Finance to create a $200 million information technology and innovation fund. It is hoped that this fund will enable the partnership to develop investment opportunities with technology firms in Russia and India, as well as other advantageous regions. VEB has maintained a largely positive stance about new technologies, like blockchain.

The partnership between the Russian government and Srei is also in line with Russia’s national digital economy initiative, a priority laid out by President Putin. The digital economy program, which TASS reports as one of Russia’s main goals for strategic development, will aim to provide 97% of Russian households with broadband internet access by 2025.

Recently a group of Srei officials visited the Russian Quantum Centre, home of Russia’s quantum-safe blockchain, to discuss and learn about how quantum physics can be applied to technological developments.