Why Did Putin’s Advisor Meet The CEO of a Crypto Exchange?

A recent meeting took place between Sergey Glazyev, advisor to infamous Russian President, Vladimir Putin and Huobi’s founder and CEO Leon Li in Beijing at Huobi’s office, on the 17th of September.

According to sources, they met to discuss discuss blockchain technology, and Russia is seemingly planning to convince Huobi to set-up a branch there. Glazyev commented:

“The combination of Huobi’s experience to implement in Russia will have a positive effect on Russia’s economic growth. Therefore, I believe this is a great opportunity to explore this area.”

Huobi, established back in 2013, is one of the biggest crypto exchanges with an approximate turnover of $1 trillion. It currently has operational compliance service teams in Singapore, US, Japan, South Korea, Hong Kong, Thailand, Australia.

Russia has clearly shown a growing interest in Blockchain tech and its integration into sectors that could benefit from this advanced technology. This meeting is thus a clear indication that Russia is taking blockchain very seriously. Glazyev said:

“Digital assets also enhances the development of blockchain technology. They are inseparably interconnected.

I hope some advanced countries will use blockchain and digital technology in their national market organizations, because they can help make the money market more sustainable, transparent and less risky.”

Huobi’s expertise is more in connecting cryptos to fiat pipelines, rather than in utilizing blockchain tech itself.

Russia is probably looking for the creation of a pipeline that would help it access and manage their crypto more efficiently. A pipeline like this can be created by Huobi which will be a bridge between cryptos and fiat pipelines.

Russia might also be looking to launch something like a Petro, as a national cryptocurrency that could be traded in the country.

Glazyev further said:

“The cryptocurrency industry is still booming and expanding, and almost every country on the planet is making an attempt to grow the crypto-space.

If Huobi Group can set a good example for the market, it will be of great help to Russia’s national legislation on blockchain cryptocurrencies.”