The Blockchain Commune Joins the Association of Global Blockchain Leaders

25 January 2018, Canton of Zug, Switzerland The Blockchain Commune, Vnesheconombank’s centre of blockchain competencies and digitalisation, has become a resident of Crypto Valley, the world’s largest centre for blockchain technology development, and is a member of the Crypto Valley independent association.

Vnesheconombank’s Chairman Sergey Gorkov and the founders of the Association held a meeting in Zug (Switzerland) to discuss the framework and the new opportunities for future cooperation.

“The digitalisation of the economy, society and government involves major changes in infrastructure. Breakthrough technology is generally alien to the existing models of government-society-business interaction and, for example, needs new regulation. It is important for Russia to follow the global trend. We are exploring the world’s best practices in the transition to a digital economy. Switzerland has made great progress in the development, implementation and regulation of blockchain technology, ICOs and cryptocurrencies. Crypto Valley is a stronghold of crypto-technology and the world’s most advanced blockchain ecosystem. I am confident that our partnership will give a new impetus to the development of the global blockchain technology ecosystem and will help Russia to become a world leader in digitalisation,” Sergey Gorkov, Vnesheconombank’s Chairman, said.

Cooperation is primarily aimed at sharing experience in the regulation of the crypto-economy in general. Another objective is the integration of Russian partners into the educational programs of Crypto Valley, for example, in the context of training for tomorrow’s jobs that come into existence as blockchain technology advances. The Parties are also considering technological collaboration between the expert teams of both countries. Russian experts will get knowledge about international best practices suitable for use in Russia, while Crypto Valley residents will receive support for entry into the promising Russian market.

Russia is already a major player in the global blockchain technology ecosystem. Russian crypto-enthusiasts are active in the global ICO market. According to Blockchain Commune analysts, Russian ICOs raised USD390 million in 2017, whereas global ICOs amounted to USD1.2 billion in 2017.

Recently, Sergey Gorkov took part in a Davos World Economic Forum session “Strategic Outlook: Russia”. According to him, there is a need for a strategic focus on Russia’s top priority areas such as blockchain, quantum technology and convergent technology. “Our objective as a development institution is to create a digital platform for Russia’s economy of the future that will be driven by breakthrough technologies. The pace at which the technologies are released is crucial to Russia’s leading positions in building the digital economy of the future,” Vnesheconombank’s Chairman said. “Blockchain is not only a technology, it is part of the development strategy of Russia’s new economy where the role of the development bank is to be a “catalyst” for raising capital for strategic and priority sectors and a driver of innovation,” he commented at the “Russia and the Global Digital Agenda” panel session held in Russia House and organised by the Roscongress Foundation.

About the Blockchain Commune

Vnesheconombank’s centre of blockchain competencies and digitalisation provides Russia’s first mechanism to introduce blockchain technology into public administration and government-owned corporations.

Russia’s largest centre of excellence for implementing blockchain projects in a wide range of business and technology areas: from cryptography to supply chain monitoring.

With an area of over 5,000 square metres, the Blockchain Commune accommodates more than 20 companies, such as Ethereum, Bitfury, Waves, EY and PwC.

Press Office