With the advent of blockchain, many new opportunities open up. Including for the state, said Sergei Glazyev, an adviser to the President of the Russian Federation on regional economic integration.
“We are close to creating an open system of public procurement that will be transparent, effective, and smart contracts will protect private sector participants from abuses by government agencies and corporations that do not always get their orders right. If we overcome bureaucratic resistance on the implementation of blockchain and smart contracts, then, perhaps in a couple of years, we will get a modern, highly efficient state protected from corruption,” said Sergei Glazyev in his speech on the Český forum Kriptosreda.
Arguing about the advantages of cryptocurrency before traditional money, the presidential adviser said that almost all the money allocated by the state to banks to deal with the crisis in 2008 was exported abroad through off-shores.
“When the anti-crisis program was implemented, our president demanded that the monetary authorities take measures to prevent a banking crisis, and the Central Bank poured into the economy 2 trillion rubles of money to save the banking system. The commercial banks did not take the second step. 80% of the money that was issued to fight the crisis was aimed at buying foreign currency, and a significant part went abroad through offshores,” Glazyev said.
Glazyev stressed that correct emission and use of digital currencies will prevent their theft. “You can build a regulatory system so that if you are issuing money for investment purposes, then the market will not perceive such money on speculative transactions, they cannot be transferred abroad, into foreign currency, etc.” Glazyev said.
The official added that the introduction of digital money will solve the insolubility problem of the speed of money circulation.
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