A group of Russian banks and financial services companies has formed a private-sector consortium focused on blockchain applications.
Announced 1st July, the consortium includes payment processing firm QIWI, B&N Bank, Khanty-Mansiysk Otkritie Bank, Tinkoff Bank, MDM Bank, and professional services firm Accenture. The launch came during the 25th International Financial Congress in St. Petersburg, which was hosted by Russia’s central bank and held between 29th June and 1st July.
Areas of focus include the development of blockchain proofs-of-concept, work on joint research and policy outreach, and the creation of technology standards. The group said in public statements that it intends to take a proactive approach in working with domestic regulators and policymakers.
QIWI CEO Sergey Solonin said in a statement:
Reports suggest that the central bank event revealed additional details about blockchain development in Russia.
According to ForkLog, Bank of Russia deputy chairwoman Olga Skorobogatova disclosed work on a blockchain-based “message transmission system” which is reportedly being tested in conjunction with outside parties.
“Our position is in applying the technologies where they may benefit the market, not just replacing one solution with another,” Skorobogatova was quoted as saying. “Currently we’ve developed a system for message transmission via blockchain. We’re testing it along with other market players.”
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.