Rostec, a Russian state-owned holding conglomerate proposes a roadmap on applying blockchain in all the governmental data systems, as reported by local financial newspaper Kommersant on May 24.

Reportedly, one of the institutions under Rostec has developed a blockchain roadmap worth up to 85 billion rubles ($1.3 billion) that as per them will provide an economic impact of up to 1.6 trillion rubles ($25.4 billion) in five years.

Presented at a blockchain conference held in the Republic of Tatarstan on May 23, by Rostec’s structural body, Novosibirsk Institute of Programming Systems (NIPS).

As per Kommersant, the NIPS’ roadmap will also more services such as a blockchain implementation in the processes and data systems of industrial enterprises, municipal elections, the monitoring of the budgetary performance.

The report further notes that the lack of regulations for cryptocurrency and blockchain will be a major hindrance for the adoption of the proposed roadmap. The president of the Russian Association of Cryptocurrency and Blockchain, Yuri Pripachkin calls the regulation lack as a “catastrophic obstacle on the path blockchain adoption.”

Experts have deemed that necessary legislation should enforce as soon as in late 2019, to ensure better results. Notably, the roadmap is based on a supposition that the regulation will come into force in 2021.

However, Dmitry Medvedev, the Russian prime minister and former president claims that since cryptocurrencies “have lost their popularity,” regulations are not a priority for the country.

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