March 28, 2024

Mishustin believes in digitalization, but does not believe in cryptocurrencies

Mishustin believes in digitalization, but does not believe in cryptocurrencies

Prime Minister Mikhail Mishustin believes that the vector of development of the state should lead tocreating a powerful digital platform that will withstand “tough competition” with large technology companies.

The head of government said that digitalassets, cryptocurrencies, “which are preferred by young people”, – one of the main risk factors for “the stability of central banks and traditional financial institutions.” In his opinion, the state should join global trends and develop a digital format of interaction with citizens in order to become a national digital platform.

Mishustin also criticized technologicalgiants (facebook, google) that manage huge amounts of data on digital platforms. According to him, they are a direct threat to the traditional economic system of states, and also accumulate a huge amount of personal data, which they manage at their own discretion. 

Russia realizes the need for digitalizationeconomy and is working on the implementation of the national project "Digital Economy" in all designated areas. The prime minister said that Russia is confidently moving in this direction and plans to create a powerful infrastructure for the exchange of data between the state, citizens and organizations.

Recently it became known that the Bank of Russia plans to launch a national digital currency – digital ruble.

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