Payment Operator Qiwi to Create Russian Blockchain Consortium in the Manner of R3

By June 16, 2016Bitcoin Business

Recognizing the potential for development of Blockchain technology in the country, Russian payment operator Qiwi is seeking to establish a consortium of banks similar to the New York-based R3 .

CoinTelegraph spoke to Konstantin Koltsov , Corporate Relations Director at Qiwi , to learn more about the initiative of the company, which believes “that in 5 years from now on we will have totally different types of payments because of Blockchain”. A hot topic

Digital currencies and Blockchain technology remain quite controversial topics in Russia, spurring heated debates among opponents and advocates of such innovations.

While state authorities cannot make up their minds whether to love or hate bitcoin and everything that is related to Bitcoin, i.e. Blockchain, businesses in Russia have been expressing their interest in the development of the technology and its application.

Konstantin Koltsov says about the application of Blockchain: “Topics around Blockchain technology are getting more and more interest in the country, and the overall trajectory of debates is changing. At the moment Blockchain technology is getting more acceptance by the majority of discussants, as the potential for financial and non-financial sectors of the market is getting more recognition.” Explore it, not ban it!

The situation with digital currencies, however, is different. For the last few months a lot of opinions concerning the future of digital currencies in the country have been expressed, ranging from the call to research it to the intention to ban it, as it harms the country’s financial system.

However, at the international conference “Digital currency in the light of current legal and economic challenges” that took place in Moscow earlier this month, discussants raised an important concern about a total ban on digital currencies. Everyone agreed that if digital currencies were banned, the country’s financial sector would fail to benefit from Blockchain technology.

Koltsov says […]

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