Quick Blockchain Adoption a 'Myth', Says Russian Central Banker

Blockchain technology isn't ready to replace banks today, according to a high-ranking official at Russia's central bank.

AccessTimeIconSep 8, 2016 at 5:33 p.m. UTC
Updated Sep 11, 2021 at 12:29 p.m. UTC

A high-ranking official at Russia’s central bank believes blockchain technology needs more time to mature.

At a banking conference today, financial news source Bankir.ru reports Bank of Russia Deputy Chairman Olga Skorobogatova addressed the growing enthusiasm and interest in blockchain domestically amid a broader talk on innovation.

There, Skorobogatova argued blockchain solutions won’t arrive today, but will likely take three to four years to move forward as the technology becomes better understood.

A rough translation of the statements reads:

"The myth of blockchain, that everything is ready and you can reduce costs and give up the bank, it turned out to be a myth."

Skorobogatova’s estimates are in line with statements from some of the more experienced Russian firms working with the technology. For example, payments firm Qiwi, which is seeking to establish a blockchain consortium in Russia, estimates it won’t be ready to use the technology in its systems until 2021.

Elsewhere, Skorobogatova addressed the growing interest in FinTech and other areas of innovation in banking including biometrics, cloud and AI.

Russian coins image via Shutterstock


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