Sergey Gorkov, Chairman of Vnesheconombank: "Blockchain Is Not a Technology; It Is Part of the Strategic Development of the Russian Economy"

MOSCOW, January 23, 2018 /PRNewswire/ --

On the verge of the 4th industrial revolution Russia has unique chances to become a leader in three priority areas: blockchain, quantum and convergent technologies. The development bank creates three world-class competence centers to achieve these goals, said Sergey Gorkov, Vnesheconombank Chairman, at the "Bits+Blocks+Forks" session of the World Economic Forum in Davos. He presented the program of introduction of blockchain in state management.

"Blockchain is not a technology, it's a part of the strategic development of the Russian economy. Blockchain Commune is already operating. We expect other two competence centers on quantum and convergent technologies to open in 2018. VEB is focused on supporting and developing the Russian innovation ecosystem, creating national innovation champions and integrating them into global context. There are several directions of this large-scale work: legislative expertise (this year we expect state legislative regulation of blockchain to be developed), creating families of funds to attract investment, and developing an effective system to boost breakthrough startups, primarily in the Russian and Asian markets," Sergey Gorkov said.

It is crucial for Russian innovations and non-oil economy to create additional conditions and sources of long-term investments.

"VEB is studying the possibilities of investing in direct investment funds together with international partners. These funds will finance projects in the key sectors of the Russian economy. We are cooperating with the largest financial institutions in China and India. The system of decision-making and risk management in such financial institutions significantly differ from traditional banking. We will propose appropriate changes to the memorandum of VEB," said Sergey Gorkov.

Earlier Vnesheconombank reached an agreement to create a joint venture company with the largest Indian infrastructure fund SREI. VEB and China Merchants Capital also agreed to finance joint projects as well as to create funds in the field of high technology and innovation.

Vnesheconombank's subsidiary VEB Innovations is actively developing venture projects. In addition to traditional forms, like loans, the development bank provides other forms of support, such as acquiring a share in the capital. VEB supports innovative forms of state and business cooperation in introducing high technologies. Millions of people will get access to state services due to blockchain.

PRESS OFFICE OF VNESHECONOMBANK