SCO countries strive to develop blockchain

At a meeting of the SCO countries, Kazakhstan called on all members of the organization to actively develop and implement blockchain technologies, and Russia hinted at why this is so important.

On November 2, the 18th meeting of the Shanghai Cooperation Organization (SCO) was held in Tashkent. During the meeting, Prime Minister of Kazakhstan Askar Mamin urged all countries included in the organization should to more intensively develop and put into practice innovative technologies, including blockchain.

Today, the heads of the SCO members gathered in the capital of Uzbekistan to approve a new program of long-term trade and economic cooperation. Recall that the initiators of the SCO in 2001 were Kazakhstan, China, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. Two years ago, the membership of the organization was replenished with two more members – India and Pakistan.

During the SCO meeting, the Kazakh prime minister announced the need for active development and implementation of various new financial products and technologies, such as blockchain, digital assets, smart cities and 5G mobile communications.

He proposed the creation of a special Council for the Development of the Digital Economy in the SCO. According to Mamin, such a council will become a platform for SCO members for mutually beneficial partnerships in this area and will help them to participate more actively in the international digital services market.

Meanwhile, Russian Prime Minister Dmitry Medvedev, who represented the Russian side in the SCO, made a remarkable statement during the meeting. He emphasized that all SCO member countries have something in common. All of them, according to Medvedev, to some extent experience pressure and economic restrictions – whether it be sanctions or trade wars. The Russian prime minister optimistically summarized that, despite external obstacles, the SCO participants continue to develop national economies.

Perhaps against this background, the active desire of the states that are part of the SCO to use advanced blockchain technology becomes more understandable. No wonder they have already become accepted as a popular tool in world geopolitics. So, digital currencies and new payment systems based on decentralized blockchain solutions are a way to successfully circumvent sanctions and carry out financial transactions without the participation of the US dollar.

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SCO members are working in the same direction. Russia has long been busy creating its own system for processing tokenized payments through Apple and Google Pay in case of tougher sanctions and financial blockades. China also regularly reports on work to create its own cryptocurrency, and in October, the country’s authorities launched a campaign to popularize blockchain technologies. At the end of this summer, the government of Kazakhstan became more active, also talking about the development of a legislative framework in the segment of blockchain and cryptocurrencies.

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