There was a time when the cryptocurrency news was not without China and the Chinese government. China had and still has a significant influence on the crypto sphere, but there is also a country that is deeply involved in the cryptocurrency area, the active participation of its citizens, although it is not often mentioned in cryptocurrency reports. And this country is Russia.
The leadership of Russia in ICOs
This active participation is especially evident in the market of the initial coin offerings (ICOs). When it comes to the volume of funds raised by ICO and the number of registered ICOs by country, the leaders are the United States, Singapore and Switzerland. But
WHEN THE QUESTION CONCERNS THE LEADERS AND FOUNDERS OF THESE PROJECTS, THEN RUSSIA COMES FIRST
That is exceptionally clear from the report Icorating, the screenshots of which are shown below.
Russian specialists and population are deeply involved in the crypto sphere
Russia has one of the best intellectual capital in the world, said Oliver Hughes, chairman of the Russian Tinkoff Bank. According to him, even Sberbank, the largest bank in Russia, behaves like a fintech company. According to digital publishing platform FinTech Futures, Sberbank has more than 11 500 developers, which is more than all employees of Snap, Square and Twitter combined.
A considerable number of software engineers is part of the history of cryptography in Russia, but this does not explain everything. According to Atomico, in Germany, Britain and France each of them has more professional developers than Russia. In the Netherlands, there are even more developers per capita.
Financing is probably part of the cause. In Russia there are technologists, but access to venture capital is limited. Meanwhile, ICO contributed to the rapid accumulation of cash. According to the consulting and investment firm GP Bullhound, the company’s blockbuster attracted more than $ 4 billion through the ICO last year, which is more than four times that of venture capital.
ICO is a convenient way to attract money without going through banks, said Olga Smirnova, the chief operating officer of DigRate, which provides ratings for the ICO. She said that
HUNDREDS OF CONFERENCES ON ICO ARE HELD IN RUSSIA
she remembered that she once came to the wrong event because the same day two separate ICO conferences were held in the same building.
A weak economy and a decline in income are pushing some Russians to work on cryptocurrency projects or speculate on tokens.
Yegor Lavrov, chief creative director of Paragon Coin, a cannabis plant, recently visited Moscow and said that everyone was talking about ICOs and bitcoin. He said that even his taxi driver asked him if he should invest in Ripple.
Russian authorities are interested in blockchain technologies
In Russia, as in many other countries, they are working hard to improve and implement the blockchain for specific tasks.
In this regard, it is interesting to say the head of the Russian delegation at the meeting of the International Standards Organization dedicated to the blockchain. The New York Times quotes his statement:
“Look, the internet belongs to the Americans — but blockchain will belong to us”
Many people were worried by this statement as this person is considered a native of the Russian intelligence agencies.
It’s no secret that the Russian authorities are working out their attitude to the cryptocurrency at the legislative level. Recently, for the first time, the Russian court recognized the property as a cryptocurrency. And Russian President Vladimir Putin said that the country needs to accelerate its digital economic strategy. In June, he also met with the crypto genius of Russian origin, the creator of the Ethereum, Vitalik Buterin.
Although we do not know on which road the Russian authorities will ultimately go concerning the cryptocurrency, one thing is sure that Russian citizens will play an essential role in this area.