Arkady Dvorkovich can foresee a serious confrontation between the distributed ledger technology and national governments. He hopes regulators will hold the ground in dictating rules to the blockchain world.

Arkadiy Dvorkovich, once a Duke University graduate, voiced his opinion at the Krasnoyarsk Economic Forum 2016. According to a CoinFox’s correspondent at the event, the official said the following:

“The conflict between decentralisation and security will escalate. Talking about security, I mean that the conflict will involve the state. Surely, decentralisation will have a place in the future, but it will be restrained. It is going to be a world-scale conflict.”

In turn, the confrontation will cause many problems both for blockchain companies and national governments.

“However promising the blockchain looks, there will be a need for the rules either, and somebody will have to define them.”

Dvorkovich believes that national governments should secure the right to establish the standards and dictate regulations.

Arkadiy Dvorkovich (born 1972) is Deputy Prime Minister in the government of Dmitry Medvedev since May 2012. He is a graduate of the Faculty of Economics of Moscow State University (1994) and Duke University (1997). Before that he was appointed Deputy Prime Minister of Economic Development in 2001-2004 and Assistant to the President of the Russian Federation in 2008-2012.

With the quoted statement, Dvorkovich becomes the first Russian senior official to make a direct statement about the grim future of blockchain.

Previously some Russian officials spoke about blockchain with cautious optimism. As recently as 22 January, the head of Sberbank (and former boss of Dvorkovich) Hermann Gref said that blockchain is more secure than state proprietary rights registration systems.

“Transaction is done when the payment is received; proprietary rights… are passed from one person to another, and it is registered by thousands of computers so that no one can cancel it later.”

Elena Platonova