Tag Archives: ministry of finance


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