Russia to spend $33k on studying cryptocurrency

Russia to spend $33k on studying cryptocurrency

The State Duma has held a tender to select an organization that would conduct an analytical study of cryptocurrency and blockchain. The winner of the tender is the Financial University under the Russian government, which is ready to do it for 1.9 million rubles ($33 thousand).

The protocol was published on the website of state purchases on October 18. Initially, the State Duma had intended to spend 2.5 million rubles ($43.5 thousand) on the research. The total of 18 applications have been submitted, including by the Plekhanov Russian Economic Academy, the Russian Academy of National Economy and Public Service under the President of the Russian Federation, the International Banking Institute in St. Petersburg, and the MISIS National University of Science and Technology.

Two more bidders – Ternovtsov and Partners Collegium of Advocates, Kursk, and Fintech Lab non-profit organization, Moscow – offered to conduct the research for only one ruble. The Bid Evaluation Committee rejected the applications by Ternovtsov and Partners and Fintech Lab, as well as those of five more organizations in the preliminary stage.

The study should be conducted before December 10, 2017. The volume of the final report should be about 160 typewritten A4 pages.

Blockchain is a sequential chain of blocks with information; originally, this was the name of the distributed database, implemented in the work of bitcoin virtual currency. In mid-2016, the State Duma expressed the opinion that blockchain will allow domestic businessmen to bypass the anti-Russian sanctions.

Tags: State Duma
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