07:01 GMT +319 August 2019
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    Russia Has Enough Potential to Ensure Digital Sovereignty - Prime Minister

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    As the Russian government announced the creation of its cryptocurrency, which it hopes will compete with Bitcoin, Prime Minister Medvedev commented on the issue of the country's digital sovereignty.

    Prime Minister Dmitry Medvedev told Open Innovations forum attendees that Russia has "enough potential to guarantee our digital sovereignty," while adding, "But we do not intend to isolate ourselves."

    According to the former Russian president and current PM, the capacity of the Russian market is limited.

    "We will promote Russian innovations at the global markets. We are ready to cooperate with the global partners, especially with our partners in Eurasian integration," Medvedev said.

    He also stressed the importance of building trust and expressed hope that the dialogue between Russia and its global partners would continue at the Open Innovations forum and other platforms.

    Medvedev's statement comes just a day after the Russian Minister of Communications announced that the country is going to introduce its own cryptocurrency, dubbed the CryptoRuble, which is set to be blockchain-based, but regulated and tracked by the government. The landmark development makes Russia the very first government in the world to officially pursue a virtual tender.

    Prior to the breakthrough announcement, there have been conflicting messages on the Russian leadership's position on cryptocurrencies. While reports suggested Russia is considering creating its own cryptocurrency, President Vladimir Putin has also taken a hard line on alternate digital coinage, stating they pose serious risks with respect to fraud and money laundering.


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