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ST. PETERSBURG, June 3. /TASS/. Rollout of blockchain technologies and legalization of cryptocurrencies will help to tackle the problem of funding shortage for startups, Supervisory Board Member of Ethereum Fund Vladislav Martynov told TASS in an interview on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Saturday.
"I am confident legalization of ICO [Initial Coin Offer - initial offering of cryptocurrencies on a crypto-exchange - TASS] will help to solve one of the most challenging problems of Russian startups - investments shortage problem. From my point of view, it is much more efficient than direct state funding of the innovative economy development," Martynov said.
Legalization of virtual money will also improve financial security of Russia, he said. "We are depending on SWIFT now, on global payment institutions. Our dependence will be smaller when we will have "crypto-ruble" and an absolutely new global system of mutual settlements, with China thinking about developing its counterpart," Martynov added.
Ethereum - is an open platform for development of blockchain technology-based decentralized online services operating on the basis of smart contracts.