Tag Archives: bank of russia


Central Bank of Russia works on the Blockchain

Central bank of Russia is continuing to work and study blockchain applications, having announced the creation of a new FinTech group focused in part on the distributed ledger.

Officially formed on 28th December 2016, the Russian group includes representatives from several important Russian banks including Alfa Bank, Sberbank and VTB. Also, it includes payments processor Qiwi and the National System of Payment Cards (NSPK).

Earlier this week, the company said Qiwi CEO Sergey Solonin will be the association’s new chief.

In addition to the blockchain, Central Bank of Russia explained it will also investigate identification technologies and new payment system frameworks within the group.

Olga Skorobogatova, or the bank’s deputy governor, explained in an official statement:

“The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy.”

This news reveals that Bank of Russia intends to play a leading role in the test and development of blockchain applications within the country and not only. Its interest in the technology is not a secret.

Recenlty, the Russian central bank has been undertaking a hands-on education into the ledger, announcing a new system for financial messaging called Masterchain back in October to improve its national payment system.

Also, the Russian government has been exploring the blockchain and it announced that Bitcoin is not an illegal method of payment.

Click here to read more news about Russia and Blockchain. 

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Amelia Tomasicchio
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
Blockchain Revolutionizing Banking

Central Bank of Canada revealed the digital Cad coin

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?

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

Amelia Tomasicchio

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