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Vladimir Putin meets with Ethereum founder

Russian President Vladimir Putin recently met with Vitalik Buterin, the founder of Ethereum, a cryptocurrency that can compete with Bitcoin.

The meeting took place last week during St. Petersburg Economic, as part of Vitalik’s plans to network with Russian partners to implement blockchain technologies, according to a Bloomberg report.

Ethereum also serves as the general ledger for everything from currency contracts to property rights, and can also eliminate intermediaries like notaries, Bloomberg noted.

Putin and Russia’s position is that the digital economy is not a separate industry, but the “basis for creating entirely new business models”. And virtual currencies could be the backbone of tomorrow’s economy, making transactions faster and safer.

Meanwhile, Russia’s central bank is already using an Ethereum-based blockchain to process online payments and confirm customer details with lenders. Perhaps more importantly, the government hasn’t ruled out Ethereum developing a national virtual currency for the country at some point in the future.

“Blockchain can have the same effect on businesses as the advent of the internet once did – it would change business models and eliminate intermediaries such as trustees and employees,” said Vlad Martynov, an advisor to the Ethereum Foundation, a not-for-profit organization that supports cryptocurrency. “If Russia does it first, it will enjoy similar benefits to Western countries at the beginning of the Internet age.”

Related link:

Battle of the cryptos: Bitcoin vs. ether

Brave New Coin is the Bloomberg of the blockchain

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