Category Archive: bank of russia

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Regulators to allow Bitcoin in Russia

Russia’s Ministry of Finance revealed that regulators now wants to propose a new law to allow Bitcoin in Russia.
Actually, they want still ban Bitcoin in Russia for domestic use, but they want to use it as a foreign currency.
In a recent interview conducted by the Rossiyskaya Gazeta magazine, deputy finance minister Alexei Moiseev explained this move to limit the use of other currencies domestically.
As Moiseev said, ruble is supported by Russian Constitution, so it can be the only currency in use for national trading.

How to use Bitcoin in Russia

“Can Russian citizens have a wallet and pay bitcoins in those countries where it is allowed? Why not? Therefore, we are formulating the law in such a way in order to allow buying cryptocurrencies for foreign operations and allow Russian citizens to sell bitcoins for profit reasons in foreign countries.”
This announcement represents a significant change for Bitcoin Russia.
In fact, previously Russian government wanted to ban digital currencies and to impose criminal penalties for their users, despite more positive notes from the Russian central bank.
Currently there is no law to prevent the use of bitcoin domestically, and Russia doesn’t want to limit the development of the blockchain, but only to prevent the Bitcoin use for national commerce.

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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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Central Bank of Canada revealed the digital Cad coin

<img src="/images/cadcoin.jpg" alt="Cad coin" height="264" width="350" />

Is Cad Coin the future for Canada?

Yesterday the Central Bank of Canada announced its new project: Cad coin, or the digital version of the Canadian dollar based on the blockchain.
Cad coin is just a part of a greater study about the blockchain, called “Project Jasper”, according to The Financial Times.
Bank of Canada is not the only bank involved: in fact, other important banks such as Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Bank are participating to this innovative project.
As you can read on a Forbes post, Bank of Canada is doing tests on a system that allows people to give their cash to the bank that will convert it into Cad coin.

Banks: in love with the Blockchain?

During the last months, we read about several bank projects related to the blockchain and digital currencies.
“The development of modern financial markets is inseparable from the development of financial technology”, said Bank of Russia’s deputy chairman Olga Skorobogatova.
Are these news the proof that banks love blockchain applications or is it just fear?

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Dutch Central Bank to develop its DNBCoin Blockchain

According to a recent press release, the Dutch Central Bank planned to develop a new blockchain called “DNBCoin”.
On March 16th, De Nederlandsche Bank published the 2015 annual report where they explained this blockchain project.
For DNB the blockchain technology will be able to improve its business, but the report doesn’t give details on the project, not even a release date or the goals, yet.
DNB only describes the projects as a “prototype coin based on blockchain technology” that “aims for 2016”. 
On the report the blockchain is described as a possible cost-saver in the financial industry, even if the DNB commented that it’s early to say what possible applications it could have in the future.
The report explains:
“Blockchain technologies can affect the revenue models of banking systems, they can also benefit with new ways to generate revenue and reduce costs.”
Payments and banking consultant Simon Lelieveldt commented:
“So when we now see central banks moving forward in the electronic cash domain (now conveniently labelled: blockchain/FinTech) it might be to no longer spin it off to the market, but to create a permanent digital replacement of cash. Therefore, this time it might be different.”

Banks and blockchain: love or hate?

Recently lots of central banks from all around the world are suggesting that the blockchain can be useful to release more centralized digital currencies, even if central banks declared that it is impossible to predict the development of cryptocurrencies without a proper legalization and regulation. 
You can read more about central banks and blockchain by clicking on the titles below.
Also, here you can read the ISITC Survey Results about the the financial services progress which gives also a specific forecast on how the industry will be during the current year.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio

Bank of Russia is working on the blockchain


the bank of russia, russian central bank, blockchain
Bank of Russia has revealed its decision to study the potential applications of the blockchain.
On Sunday 28th, February 2016, the central bank, in fact, has announced that they started to analyse the “advanced technologies and innovations in the financial market”, including the blockchain.

Previous statements in Russia

Bank of Russia’s deputy chairman Olga Skorobogatova previously commented:
“The development of modern financial markets is inseparable from the development of financial technology.”
Also, Rambler News Service has reported that Skorobogatova previoulsy commented in 2014 that the Russian central bank thinks the blockchain can have an important role in the future:
“In 2017-2018, we will see real examples of the use of this system. As a closed system, I think the blockchain is the future, and we need to prepare for it.”
In the meantime Russia is supporting a possible “ban on monetary surrogates”, a definition that also includes digital currencies.
In fact Russia’s Ministry of Finance, State Duma and the Investigative Committee have previously commented about the use of the blockchain within their businesses.
Also, earlier this month, Bank of Russia’s head, Elvira Nabiullina, stated that the Russian bank was “monitoring the blockchain to develope its own approach to financial innovation”.

How banks want to improve their users base


“Users of bitcoin and other cryptocurrencies now number 200,000, with only the US, China and Germany having higher numbers”,
reported member of the Russian State Duma, Andrei Lugovoi.
In fact, Lugovoi stated that the Russian central bank is now positive for a “careful approach to bitcoin and saw a serious economic potential” in the blockchain with the likely objective of a potential growth of their users.

Open your free digital wallet here to store your cryptocurrencies in a safe place.

Amelia Tomasicchio