The Central Bank of Russia and a number of large financial institutions sign a memorandum to begin collaborative work on researching and testing of Blockchain technology. Creation of a special consortium for researching and testing Blockchain technology has long been a topic of discussions between players of country’s financial market. Concrete actions finally take place when the Central Bank of Russia and a number of large financial institutions sign a memorandum at the XXV International Financial Congress in St. Petersburg which marks a beginning of collaborative work. Russian banks recognize the potential of Blockchain
Blockchain technology is often seen as being able to significantly supplement, and even transform principles of financial market operation, bringing new effective models of cooperation between participants, and increasing accessibility and reliability of financial services while lowering their costs.
The potential of Blockchain technology is best unveiled through collaborative work of a number of financial sector players.
Olga Skorobogatova , deputy chairman at the Central Bank of Russia said that several banks and financial institutions, including QIWI Group , Accenture , BINBANK , MDM Bank , Bank “Otkritie” , and Tinkoff Bank have confirmed their intention to join consortium.
Skorobogatova states: “The Central Bank of Russia, as the main regulator is interested in development of Blockchain technology in the financial sector. Through closer collaboration with sector’s players we can find out whether there is a potential for a technology and how it can be used. We are not trying to replace one technology solution with another, but rather supplement one with another.” What will the consortium do? Main priorities of the new consortium will include researching and incorporating of Blockchain technology, cloud technologies, management of big data, and development of simplified identification systems.
First prototypes are expected to be tested by the end of this year. Consortium will […]
