Russian Banks Join National Consortium For Blockchain Exploration

By July 6, 2016Bitcoin Business

A group of banks in Russia have announced their intention to join a Blockchain Consortium that was recently proposed on the basis of a newly signed mutual memorandum, and as Russia’s central bank just said it is testing a blockchain messaging system.

Payments provider QIWI Group had previously announced plans for the Russian Blockchain Consortium effort, which has apparently now picked up some significant backing from regional players.

In addition to QIWI, Accenture, BINBANK, MDM Bank, Bank Otkritie, and Tinkoff Bank, have all expressed their intent to join the blockchain initiative, as unveiled during a conference in St. Petersburg.

The news follows after over 30 entities had joined the Shenzhen Blockchain Consortium in China, as reported by Finance Magnates at the end of last week. The banking business is undergoing a rapid new technology-caused transformation as we see the emergence of new areas in the banking business. Russian banks chime in

Bank Otkritie’s director of innovation, Alexey Blagirev, commented regarding the development: “Collaboration with major players in the banking sector and the participation of the regulator will allow us to create and test new approaches, such as joint settlements, simplifying the customer identification procedures.

Commenting in an official statement, Sergey Solonin, CEO of QIWI Group, said “Creation of consortium in Russia is our response to the rapidly growing interest in innovative technologies that can lead the economy, business and daily life of a person to a completely new level of interaction and confidence. I’m convinced that the Consortium, which brought together the Russia’s largest financial company, is able to become an effective platform for multilateral cooperation in exploration, launching innovations and their implementations in financial services.” St. Petersburg Conference

Hosted by the country’s central bank, the XXV International Financial Congress had just taken place through July 1st, where Bank of Russia governor Elvira […]

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