We all know by now that Russia is looking into Ethereum for use internally. What we didn’t know was the extent to which they were serious. Putin’s efforts to clean up corruption endemic to Russian government have been less than stellar. With the sheer scale of the geographical, cultural and economic imperatives of any project spanning Russia it is no wonder that they are looking into better tools to manage the day-to-day running of the country and its bureaucracy.
And it is this lack of standardization and/or streamlining that is holding Russia back from taking the next step into the top echelon of economies in the world today.
This report from RT tells us that Russia’s plans for Ethereum go far beyond what Singapore is thinking about, namely having it take over most basic clearinghouse functions. Putin wants more accountability in government as well as professionalism in Russia’s financial sector.
In order for Russia to become the regionally dominant player across a vibrant Central Asia, it will have to be a leader in banking and finance. It is not that today, at least in ways that rival the West.
This dovetails with Putin’s goals of setting Russia on a long-term path to prosperity which he talked about at length in the interviews he did with Oliver Stone.
This is why he no longer concerns himself with the day-to-day machinations of U.S. foreign policy, but rather is willing to forego relations with the West if that is their desire and focus his energies on building a pan-Asia alliance with China and Iran.
In reading the latest three-year outline from the Bank of Russia (yes, I read central bank documents for fun… sue me!) the theme of professionalization of the financial markets is the Bank’s top priority. And you know that came from Putin himself in many meetings with BoR President Elvira Nabullina.
Ethereum’s ability to build application platforms with which to do all of these things puts Russia ahead of the curve and possibly leap-frogging many other countries consumed, right now, with keeping their monetary systems from complete collapse.
Watch this topic carefully for more developments. Strategic thinking is something our leadership is sorely lacking in. As Putin wages his war of attrition with the U.S. and Europe, a war they provoked, he will continue to build an independent and secure Russia while waiting for the West’s unsustainable systems to collapse.