Russia's Vnesheconombank Unveils New Blockchain Research Centre

Vnesheconombank is partnering with the Russian government to establish a new blockchain and quantum computing research hub.

AccessTimeIconAug 28, 2017 at 6:29 p.m. UTC
Updated Sep 13, 2021 at 6:52 a.m. UTC

Vnesheconombank (VEB), the Russian state-owned development bank, and several government ministries have unveiled a new research centre focused on blockchain and other technologies.

Headquartered at the National University of Science and Technology in Moscow, the centre will form part of a broader digital initiative being undertaken within the Russia government at the behest of Russian president Vladimir Putin. The government offices involved are the Ministry of Economic Development, the Ministry of Finance and the Ministry of Communications and Mass Media.

In statements, VEB chief Sergei Gorkov indicated that the research effort would ultimately lead to possible investments in development of the tech – a suggestion that could lead to the development bank throwing its financial weight behind a blockchain project someday.

He said of the centre launch:

"In September, we will open the first centre focused on blockchain, convergent, and quantum technologies at the National University of Science and Technology (MISIS). We plan to create a group of investment funds with external financing from both Russian and foreign investors."

VEB has struck an openly enthusiastic tone about blockchain tech, in the past, having announced a plan to work with the Russian Ministry of Health earlier this summer. The announcement coincides with a three-day blockchain event in Tatarstan that began this weekend, at which officials from VEB are in attendance. That event also features ethereum founder Vitalik Buterin as a speaker.

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