Russian Blockchain to improve national payments

bitcoin in russia

Russian Blockchain to improve national payments

Today we want to talk about the recent Russian Blockchain interest and the country major announcements related to bitcoin and the distributed ledger.

According to Economic Times, Russia wants to use the blockchain technology to improve its national payment system and to simplify clients’ identification.

The Association of Financial Innovation (AFI) in Russia, in fact, prepared a draft for improving the regulation of its own national payment system.

This draft has been shared for a first discussion on the Association’s official web site. After this discussion, the roadmap will be presented to the Russian Duma, the Ministry of finance and the Bank of Russia.

According to the official article, the roadmap includes the use of the distributed ledger technology for users identification. Here an extract:

“Along with expansion opportunities in the short term transactions under the simplified identification of clients, develop an approach and implement a single identifier (possibly using blockchain technology)”.

The Association for Financial Technologies Development (FinTech Association) was recently setted up by the Bank of Russia.

Its participants will study and test the most promising technologies, including the distributed ledger, open application program interface (open API) and remote identification technologies. Also, the association will create a single payment space both for households and legal entities.

Russian Blockchain Interest

Earlier in 2016, the Bank of Russia revealed its technical prototype for financial messaging, based on the blockchain and called Masterchain.

This tool would allow instant confirmation of data; also it would create a few financial opportunities for the market participants to provide game-changing products and services to their clients.

Recenlty Russia seems to love the Blockchain very much. In fact, the national tax authority recognized Bitcoin as a foreign money, expressing the legality of Bitcoin use and transactions.

Also, Siberia Airlines revealed its use of the Ethereum Blockchain Smart Contract in a few transations. 

To read more about Russian Blockchain projects, click here.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

One thought on “Russian Blockchain to improve national payments

VaneaPosted on  10:34 am - Jan 8, 2017

I invested in Peercoin, and I hate ETH

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