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Vladimir Putin Is Getting Interested in Bitcoin's Biggest Rival

  • Russian president met with founder of cryptocurrency Ethereum
  • Country may use Ethereum to create national virtual currency

Ethereum, the world’s largest cryptocurrency after bitcoin, has caught the attention of Vladimir Putin as a potential tool to help Russia diversify its economy beyond oil and gas.

Putin met Ethereum founder Vitalik Buterin on the sidelines of the St. Petersburg Economic Forum last week and supported his plans to build contacts with local partners to implement blockchain technology in Russia, according to a statement on Kremlin’s website.

“The digital economy isn’t a separate industry, it’s essentially the foundation for creating brand new business models,” Putin said at the event, discussing means to boost growth long-term after Russia ended its worst recession in two decades.

Virtual currencies could help the economy by making transactions happen more quickly and safely online...


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