- March 28, 2019
- Posted by: BlockX
- Category: Blockchain
The National Pension Fund of Russia is reportedly settling an agreement with the Russian Railways to use the Blockchain technology for tracking transport passengers who qualify for discounted services. The report came via the Moscow-based news agency RNS (Rambler News Service) on March 1.
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Anton Drozdov, who serves as the head of the Russian national Pension Fund, said the state-owned fund would close the deal with the Russian Railways service (a government-owned passenger and freight train company), later in the year.
Russia Looking to Bring in More Transparency in the Transport Sector
With this new Blockchain initiative, Russia aims to bring more transparency to the system for monitoring discounted transport services users. The goal is to eliminate forgery and fraud, Drozdov told RNS.
Drozdov also added that the pilot would be carried out on the Moscow-Tver railway route. According to the Pension Fund head, Russia’s Pension Fund can’t be involved in the project at the current level. Drozdov insisted that the Russian central bank is developing a legislative basis for the new initiative. This is because the project needs a central administrator.
Russia Adopting the Blockchain Initiative
According to a recent report, Moscow’s city council submitted a bill to implement the Blockchain for an e-voting system. This will reduce the chances of for fraud through separating the data of voters from voting results.
Last week, the president of the Russian Federation Vladimir Putin gave a new deadline for the authorities to implement crypto-related regulations. Under the new deadline, the regulation must be implemented during spring and enforced by July 1 this year.
Russia Looking at Introducing National Crypto Regulations for ‘Russian Offshores’
The new measures relating to the development of the “Russian offshores” will reportedly affect digital assets. The report was given by major Russian news agency TASS on Mar. 1.
Per the press release, the Russian Ministry of Economic Development is working on the third set of measures for the deployment of “Russian offshores” (places where firms can legitimately get exempted from paying taxes or following relaxed regulations) which will include a unique regulation of shipping and digital assets.
Ilya Torosov who serves as the Russian Deputy Minister of Economic Development told TASS that the new regulation of digital assets would encompass virtual currencies. He said:
“It is clear that this is digital currency. However, for now, we are more general. Concerning the period for the implementation of the third set of measures, we are not currently ready to give a response.”
New Regulation to Include a Regulatory Framework for Digital Assets
As of the end of February, the Russian President Vladimir Putin gave an order that the government should enforce said crypto-related regulation on July 1, this year. The new instructions will require the legislation to implement a regulatory process for digital financial assets. It will also attract greater financial resources relating to digital technologies.
Duma a Russian State is reportedly planning to review and adopt new crypto regulations in March. Former Minister of Energy Igor Yusufov is proposing the release of an oil-backed cryptocurrency. Yusufov said the introduction of such a crypto settlement system in the energy market could help reduce costs incurred due to the use of unbacked fiat and exchange rate fluctuations.