Russia Developing Prototype of Native Digital Asset Wallet

The relationship between Russia and cryptocurrency has always been rather uneasy. The country has maintained a complicated relationship with cryptocurrency, running the gamut from almost embracing it to making it borderline illegal and all the way back to embracing it. The National Settlement Depository, which represents the largest exchange group in the country, is working on a blockchain solution which serves as a cryptocurrency wallet.

Russia Wants a Wallet for Digital Assets and Cryptocurrencies

Even though Russia has never been interested in cryptocurrency until very recently, things are certainly accelerating behind the scenes. Just a few months ago, using Bitcoin in the country could lead to jail time if it were part of a business model. Today, the Moscow Exchange’s central depository is looking to build a new cryptocurrency and digital asset wallet based on blockchain technology. No one is surprised that the country would be looking to create a proprietary platform for this specific purpose.

The National Settlement Depository is working in partnership with Waves on this platform. It seems a prototype for this wallet is already in development, which is good to see. It will be presented sometime in the first half of 2018 by the looks of things, though no specific date has been announced. As a result of this proprietary platform, the NSD can issue any cryptocurrency it sees fit.

Indeed, Russia may be developing its own native cryptocurrency, as rumors regarding such a project have been circulating for quite some time now. A national digital currency would certainly shake things up quite a bit, as other countries have been contemplating taking similar action in the near future. It is unclear which if any cryptocurrency will be issued by the National Settlement Depository in connection with its wallet, which leaves a lot of room for speculation regarding this project.

Creating a safe and user-friendly accounting platform for digital assets is a top priority for the NSD. Not only would it provide users with legal protection when needed, but it could also introduce myriad new services and features to investors, custodians, and institutions. This will not be a crowdfunding platform, but more of a proprietary portfolio management tool.

As it happens, regulation in Russia has not changed all that much. Dealing with digital assets is still a topic of substantial controversy in Russia. This situation remains fluid, and such a proprietary digital assets platform may not be created at all. However, it seems to be technologically viable, which is promising. The technical side of things is only one facet of such an ambitious project, of course.

Russian authorities have been paying attention to digital currencies and blockchain technology, and are starting to view them in a positive light. This turn of events shows the country is ready to embrace cryptocurrencies, although the regulatory uncertainties leave a lot to be desired right now. Blockchain technology certainly is interesting to Russian officials at the moment, which bodes well for the future of this technology and any project making use of it.