The buzz around cryptocurrencies which were making headlines not long ago has finally abated. The time has come for the blockchain technology itself, says Russian tech entrepreneur Aleksandr Ivanov.

The founder and CEO of Waves Platform and Vostok project told RT on the sidelines of the World Economic Forum in Davos that blockchain is a basic fundamental technology which could be used practically in all spheres.

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It is currently applied in the sphere of public administration and the business sector, with companies like Russia’s biggest lender Sberbank trying to adopt it.

“Cryptocurrencies are just a small part of blockchain technology,” he said,’ noting that they were interesting a year ago. “Now the next stage of development has already begun,” he added.

Talking about the future of cryptocurrencies in Russia, the entrepreneur said that eventually, maybe within 3-5 years, there will be some regulated tokens in the country.

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When asked about Venezuela’s petro, he said that in the light of current situation in the country, the cryptocurrency’s future looks bleak “because the technology is not a silver bullet to solve all the problems.”

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According to Ivanov, who has been labeled by some as a Russian ‘cryptobillionaire,’ we are currently at the stage of developing a new generation of internet.

“We are already engaged in Web 3.0 technologies. They combine different blockchain-based technologies. This revolution is taking place rather slowly, but it is already beginning, and we want to stake this niche in Russia,” he said.

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