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#Russian #Parliament Suggests #Blockchain to Bypass #EconomicSanctions

A head of a #State Duma #committee believes it is a perfect moment to use the #technology both to break through #financialbarriers and help #domesticbusiness to leap forward.

#Russian #entrepreneurs should feel free to use the #blockchain to circumvent #economicsanctions imposed by the #US and #EU on the country’s #financialinstitutions, argues Andrey Lugovoy, Deputy Chairman of the State Duma Committee on Security and Anti-Corruption. This way they can both advance their #business and benefit the #stateeconomy.

“Blockchain-based projects are, in fact, the rare case when these two goals are fully aligned. …It is a rare sphere where the Western sanction policy gives the domestic business a chance to approve itself and create something new that will help the national economy to make a leap forward,” Lugovoy said....

...He appeals not to ban #cryptocurrencies underpinned by the blockchain #technology from circulation in #Russia. Many countries that try to limit #bitcoin circulation also impair blockchain implementation, he argues. While eliminating certain economic risks associated with the cryptocurrency, they cause a bigger damage to national economies because it impedes the adoption of new data transfer technologies....

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