Russian Institute of the Development of the Internet has prepared a roadmap on Economics and Finance containing a blockchain regulation proposal. The roadmap is said to have been submitted to President Putin.

The roadmap is an attachment to the Long-term Development of the Internet Programme which describes strategic proposals for the development of the Internet in Russia up until 2025. According to the roadmap, the introduction of blockchain legislation is to take place in 2017.

The Institute outlines the fact that blockchain is not limited to Bitcoin digital currency, being applicable to a broader range of purposes and creating new opportunities for banks and financial companies.

The co-founder of Qiwi, the company which has recently become a flagship of Russian blockchain industry, advocating for the creation of the national digital currency Bitruble, Andrei Romanenko was among the creators of the roadmap.

Last week the country's largest bank Sberbank revealed its interest in blockchain technology. The Minister of Communications of the Russian Federation said that the technology could be used for security purposes. The representatives of the Ministry of Finance which strictly opposes the idea of Bitcoin digital currency have also claimed that they have nothing against the technology as such.

Maria Rudina