Russia's Central Bank Adds Blockchain-Friendly Firm to FinTech Working Group

Russia’s central bank is continuing to grow its blockchain footprint.

Jan 16, 2017 at 7:40 p.m. UTC
Updated Sep 11, 2021 at 1:00 p.m. UTC

Russia’s central bank is continuing to grow its blockchain footprint, having announced the creation of a new FinTech association focused in part on studying the technology.

on 28th December, the group includes representatives from major Russian banks including Alfa Bank, Sberbank and VTB, among others. Payments processor Qiwi and the National System of Payment Cards (NSPK), which operates Russia's nationwide Mir charge card, are also on board.

Qiwi CEO Sergey Solonin will be the association's new chief going forwards, the firm said earlier this week. Among financial companies in Russia, Qiwi has emerged as a prominent proponent of the tech.

In addition to blockchain, the Bank of Russia said it would also be investigating identification technologies and new payment system frameworks through the association.

The bank's deputy governor Olga Skorobogatova said in a statement:

“The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy.”

The announcement is the latest signal that the Bank of Russia intends to play a leading – and visible – role in the experimentation and deployment of blockchain within the country’s financial sector.

The central bank has made no secret of its interest in the tech. Early last year, Skorobogatova said that financial institutions in Russia should prepare for wider use in the years ahead.

In recent months, the Russian central bank has been undertaking a hands-on education into the tech, unveiling a system for financial messaging dubbed “Masterchain” in October.

The Russian government, too, has been exploring blockchain concepts of its own, while its national securities depository has launched similar efforts in conjunction with other institutions.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Trending

1
First Mover Americas: May Brings Showers Not Flowers as Bitcoin Languishes in Terra Aftermath

The latest moves in crypto markets in context for May 16, 2022.

The latest moves in crypto markets in context for May 16, 2022.

2
Bitcoin Miner Bitfarms Lowers Hashrate Outlook to 6 EH/s This Year

The miner is still assessing other opportunities to expand its capacity to as much as 8 EH/s by the end of the year.

The miner is still assessing other opportunities to expand its capacity to as much as 8 EH/s by the end of the year.

3
Voyager Digital Raises $60M in Private Placement Led by Alameda

The new funds will take the trading platform's liquidity to more than $225 million.

The new funds will take the trading platform's liquidity to more than $225 million.

4
Fantom Stablecoin DEI Becomes Latest to Lose Dollar Peg

DEI lost as much as 46 cents in European hours this morning. It follows a trend of several algorithmic stablecoins losing their pegs.

DEI lost as much as 46 cents in European hours this morning. It follows a trend of several algorithmic stablecoins losing their pegs.