Russia plans to spend 28.4 billion rubles (over $450 million) on the development of blockchain until 2024. While this is 50% lower than previous figures, the strategy would still help the Russian economy save 500 billion rubles (about $8 billion).
Russia to Spend Less on Blockchain
According to the Rostec, the state-owned tech-oriented corporation, blockchain spending in the next four years will be reduced to 28.4 billion rubles from previously voiced figures of 55-85 billion rubles.
The funds will be allocated to the implementation of blockchain in the supply chain management (labeling goods), the housing sector, and other industries, according to local media agency Kommersant, citing Rostec’s roadmap.
The main reason why spending has been reduced is that the “universal euphoria” around the technology has been weakening, several experts claim.
Out of 28.4 billion rubles planned for blockchain, 9.5 billion will be allocated from budgetary funds, while 18.9 billion from extrabudgetary funds.
The distributed ledger technology (DLT), an umbrella term that comprises blockchain, will help the Russian economy save 500 billion rubles and collect up to 600 billion rubles in the form of taxes. Thus, blockchain’s effect on Russia’s economy is expected at 1.1 trillion rubles, which is the equivalent of $17.5 billion.
The document with the roadmap was sent for approval to the Ministry of Communications and the Analytical Center for the government.
Blockchain to Benefit Multiple Sectors
According to the project proposed by Rostec, Russia will spend 650 million rubles to introduce the technology into the product labeling systems. The launch of the DLT in healthcare will require 1.17 billion rubles, of which 575 million will go to monitoring systems that prevent counterfeit drugs.
475 million rubles will go for the implementation of blockchain in the housing and communal services. 350 million of it will be spent on a platform for accounting and distribution of utility bills.
Another 475 million rubles will be allocated to a system for collecting, accounting, and monitoring resource consumption.
Do you think blockchain has the potential to transform various aspects of Russia’s economy? Share your thoughts in the comments section!
Image via Shutterstock The post appeared first on Bitcoinist.com. origin »
Russian police detained a man who tried to rob a crypto exchange with fake grenades, as Russia faces rising crypto-related crimes and asset thefts. Russian authorities have detained a man who attempted to rob a cryptocurrency exchange using smoke and…
World Liberty Financial is facing mounting political and regulatory pressure as new allegations suggest the Trump-linked crypto platform may have sold tokens to buyers connected to North Korea, Russia, and Iran.
According to Chainalysis, Russia received over $376 billion in on-chain crypto transfers between July 2024 and June 2025, ahead of the United Kingdom’s $273 billion. Related Reading: Crypto On The Menu: US Fastfood Chain Rolls Out Bitcoin Steakburger That metric measures value moved into wallets and addresses tied to Russia during the 12-month window. Based […]
The Bank of Russia is reportedly allowing select commercial banks to enter the crypto market under strict supervision. Officials say capital restrictions and transparency rules are essential to prevent systemic risk and regulatory blind spots. According to a local report…
A massive leak of internal documents from a Putin ally’s firm details a sophisticated financial network. It reveals how $8 billion in crypto became the lifeblood for sanctions evasion and political manipulation in Moldova. On Sept. 26, blockchain analytics firm…
The U. S. Treasury designated Russian crypto exchange Garantex in April 2022. According to the new Treasury press release, Garantex processed over $96 billion in crypto for various cybercriminals in six years.
According to Masharov a crypto bank could bring shadow transactions under state control and ease bottlenecks faced by domestic miners when converting their crypto earnings.
