Head of Post Bank Believes Government Will Inevitably Lose Control Over Money Transactions

Speaking at Saint Petersburg International Economic Forum, Dmitry Rudenko, Head of Russia-based PostBank, stated that the development of blockchain technology and cryptocurrencies is profitable for Russia due to its infrastructure and nature features.

According to RIA Novosti, he said:

“I would immediately welcome a cryptocurrency and a blockchain-based settlement system for one simple reason: I have to deploy offices across the entire country, including the regions where delivery of cash is more expensive than the cash itself. In Russia, when it comes to the country’s ecosystem and infrastructure, there’s no other option.”

However, Rudenko noted that the government is still not ready to do that, as a distributed system based on blockchain technology would cause it to lose control over money transactions.

“I see no problem here. It will happen anyway,” the bank’s head added.

According to Lexnet.io lawyer Valentin Pivovarov, Russian authorities see a threat in blockchain technology and cryptocurrencies as the new technologies are capable of completely decentralizing social processes.