Russia May Create Platform Capable of Competing With Google, Alibaba - Official - RUSSOFT

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Russia May Create Platform Capable of Competing With Google, Alibaba - Official

Russia has the capability to create a platform that would be able to form a special innovative digital environment the deputy chief of Russian government staff told Sputnik

Source: Sputnik
Mar 13, 2018
"Ecosystems, such as Facebook, Alibaba, or Google have come to life in the economy of another format. However, Russia has the opportunity to join the process of a digital transformation if it succeeds in the creation of a data-centric economy," Maxim Akimov said in an interview.

The official explained that it would be a mistake to rely on only one company in this issue, or to choose such entities by an administrative decision.

In order to "raise" such global companies, it is necessary to create conditions for their development and to support the growth of the existing ones, Akimov specified.

Russia's Digital Plans

As for the goals of the digital transformation, Moscow seeks some form of digital sovereignty, as it was voiced by the country's Prime Minister Medvedev in October 2017. However, as he explained, the country wasn't planning to isolate itself.

According to Russian Deputy Finance Minister Alexei Moiseev's statement in late December 2017, Moscow has been mulling to create a national cryptocurrency, called cryptoruble, following a corresponding bill. While some countries have already opened their own cryptocurrency markets, these measures are still being discussed in Russia.

In October 2017, Russian President Vladimir Putin instructed the government, jointly with Russia's Central Bank, to draft amendments to Russian laws regulating the procedure of cryptocurrency placement by July 1, 2018.