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Russia studying Japan’s experience in developing blockchain technologies

October 01, 7:25 UTC+3 KYOTO

Russian Telecommunications Minister Nikolai Nikiforov said earlier he supported the idea of a law on regulating the use of cryptocurrencies in Russia

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KYOTO, October 1. /TASS/. Russia is studying Japan’s experience in the field of blockchain technologies, as they will find a broad use in state administration in the future, Russian Deputy Prime Minister Arkady Dvorkovich said on Sunday as he took the floor at the Science and Technology in Society (STS) international forum underway in Kyoto.

"Companies across the world are assimilating technologies on the basis of blockchain," he said. "The so-called smart contracts will bring down the cost of transactions to a big degree."

"I don’t have the slightest doubt blockchain technologies will find broad use in state administration in the short term, too, but all of these novelties require legislative foundation for further development, and we’re studying Japan’s experience with much interest now," Dvorkovich said.

He indicated that the impact of digital currencies in the economies was yet to be assessed.

"The greatest challenge for the governments is to develop the regulations that would avert the emergence of a yet another fiscal bubble and would pave the road for new technological an scientific discoveries," Dvorkovich said.

Russian Telecommunications Minister Nikolai Nikiforov said earlier he supported the idea of a law on regulating the use of cryptocurrencies in Russia.

The Central Bank of Russia said at the beginning of September it believed it was too early to consider legalization of cryptocurrencies or the instruments denominated in them as legal tender in Russia.

The CBR also called attention of the citizens and financial market players to the higher risks of using or investing in cryptocurrencies.

Specifically, the CBR said cryptocurrencies involved heightened risks in terms of both exchange transactions because of fluctuations of the exchange rates and in case of financing through the so-called Initial Coin Offering.

The CBR also recalled that in Russia, the bulk of transactions involving cryptocurrencies stand outside of the sphere regulated by law and bank does not issue any guarantees for them.

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