The Russian government is holding a tender a study on blockchain technology, initial coin offerings, and all cryptocurrencies. The winner will receive 2.5 million rubles, about $43,000 USD from the federal budget. Even though, this comes as no surprise since hearing Putin has been considering a state sponsored coin for a while now, it’s exciting for the cryptocurrency community as a whole.
In the official terms of reference, this project will entail “conducting meaningful analysis of the latest fiscal technologies.” This will include blockchain technology, ICOs, and cryptocurrencies. It specifies that the report should “assess their prospect for the Russian financial market, as well as the possibility of further integration of the Russian and global financial markets.” Additionally, potential threats and risks to the economy will be studied. Regarding ICOs and their implementation specifically, the study will include analysis of “a sustainable alternative channel for mobilizing invetment resources in the market of alternative investment and develop approaches to the formation of a regulatory framework.
This update comes at a good time for bitcoin and other cryptocurrency investors. With multiple news stories negatively affecting bitcoin’s price such as the confusion over a Chinese exchange closing, the fact that countries are investing in cryptocurrency related technology bodes well for the long term advancement and adoption of the currencies.