Russian Banks work on a Blockchain Unit -

Russian Banks work on a Blockchain Unit

A few days ago Russian Banks and public institutions revealed that they will create a unit that aims at studying blockchain applications.

Announced on July 1st, this private consortium includes QIWI, B&N Bank, Khanty-Mansiysk Otkritie Bank, Tinkoff Bank, MDM Bank, and Accenture.

The project was announced during the 25th International Financial Congress in St. Petersburg, hosted by the Russian Central Bank.

This unit focuses on the development of “blockchain proofs-of-concept, work on joint research and policy outreach, and the creation of technology standards”.

The idea for this project came when the QIWI revealed its hope for creating the so-called “Russia’s R3CEV”, a group of financial services focused on the distributed ledger.

CEO Sergey Solonin explained:

“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.”

Bank of Russia works on the Blockchain

Bank of Russia is not new to an involvement with the Blockchain, in fact,

A few months ago Olga Skorobogatova of Bank of Russia explained that “the development of modern financial markets is inseparable from the development of financial technology”, when the bank revealed his purpose to start studying the distributed ledger back in February 2016.

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Russian Banks work on a Blockchain Unit