Cryptocurrency will end the fight against corruption in Russia

The president of the Russian Association of Cryptocurrencies and Blockchain (RAKIB) told the NSN that the blockchain technology itself does not allow misuse of funds.

The development of cryptocurrencies in Russia will make it possible to put an end to the issue of corruption. Such conclusion was reached by the president of the Russian Association of cryptocurrencies and Blockchain (RACIB) Yuri Pripachkin at the press-conference of the NSN. He explained why the mechanism of the blockchain will not allow the misuse of cryptocurrencies.

“Within the framework of the crypto industry, the issue of targeted use is solved simply, automatically. This happens in the framework of smart contracts. The purposeful use of funds is embedded in the very essence of money. If you let, for example, a cryptoruble for financing government contracts or social services, this is immediately protected under the contract. This money can not physically go to buy a dacha. They have their own tails, painted in different colors. And they can not be used in other applications. And in this case, fears go away, because it’s done absolutely transparently. This generally puts an end to the fight against corruption once and for all” – the expert said.

silver and gold btcRecall that the legislative regulation of cryptocurrencies in Russia has just begun to form. On May 22, the State Duma approved in the first reading three laws on crypto-currencies, but they will still be subject to adjustment. Experts at the press center of the NSN earlier criticized the government’s outdated approaches to control over mining, crypto-currencies and blockchain. Source: nsn.fm

View the full story

Comments (No)

Leave a Reply

7 + 1 =