{"id":80,"date":"2016-02-29T15:52:00","date_gmt":"2016-02-29T15:52:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/the-bank-of-russia-is-working-on\/"},"modified":"2023-01-10T03:24:32","modified_gmt":"2023-01-10T01:24:32","slug":"the-bank-of-russia-is-working-on","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/02\/the-bank-of-russia-is-working-on.html","title":{"rendered":"Bank of Russia is working on the blockchain"},"content":{"rendered":"<p>&nbsp;<\/p>\n<table class=\"tr-caption-container\" style=\"float: left; margin-right: 1em; text-align: left;\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><a style=\"margin-left: auto; margin-right: auto;\" href=\"https:\/\/2.bp.blogspot.com\/-C4h_ODIMmTw\/VtRoe7M53UI\/AAAAAAAAAPA\/bEl7NdKwrY0\/s1600\/Russian%2BCentral%2BBank%2Bopens%2Bto%2BBlockchain.png\"><img loading=\"lazy\" decoding=\"async\" title=\"the bank of russia opens to the blockchain\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/RussianCentralBankopenstoBlockchain.png\" alt=\"the bank of russia, russian central bank, blockchain\" width=\"400\" height=\"200\" border=\"0\" \/><\/a><\/td>\n<\/tr>\n<tr>\n<td class=\"tr-caption\" style=\"text-align: center;\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div>\n<div style=\"text-align: justify;\"><b>Bank of Russia<\/b>\u00a0has revealed its decision to study the potential applications of the blockchain.<\/div>\n<\/div>\n<div>\n<div style=\"text-align: justify;\"><\/div>\n<\/div>\n<div>\n<div style=\"text-align: justify;\">On Sunday 28th, February 2016, the central bank, in fact, has announced that they started to analyse the <i>&#8220;advanced technologies and innovations in the financial market&#8221;<\/i>, including the blockchain.<\/div>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\">Previous statements in Russia<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Bank of Russia&#8217;s deputy chairman <b>Olga Skorobogatova\u00a0<\/b>previously commented:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;The development of modern financial markets is inseparable from the development of financial technology.&#8221;<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Also, <b>Rambler News Service<\/b> has reported that Skorobogatova previoulsy commented in 2014 that the Russian central bank thinks the blockchain can have an important role in the future:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>&#8220;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.&#8221;<\/i><\/div>\n<div style=\"text-align: justify;\">In the meantime Russia is supporting a possible <i>\u201cban on monetary surrogates\u201d<\/i>, a definition that also includes digital currencies.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In fact Russia&#8217;s <b>Ministry of Finance<\/b>, <b>State Duma<\/b> and the<b> Investigative Committee<\/b> have previously commented about the use of the blockchain within their businesses.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Also, earlier this month, Bank of Russia&#8217;s head, <b>Elvira Nabiullina<\/b>, stated that the Russian bank was <i>\u201cmonitoring the blockchain to develope its own approach to financial innovation\u201d.<\/i><\/div>\n<h3><\/h3>\n<h3 style=\"text-align: justify;\"><\/h3>\n<h3 style=\"text-align: justify;\">How banks want to improve their users base<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div>\n<div style=\"text-align: justify;\"><i><i>\u00a0<\/i><\/i><\/div>\n<\/div>\n<div style=\"text-align: justify;\"><i><br \/>\n\u201cUsers of bitcoin and other cryptocurrencies now number 200,000, with only the US, China and Germany having higher numbers\u201d,<\/i> reported member of the Russian State Duma, <b>Andrei Lugovoi<\/b>.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In fact, Lugovoi stated that the Russian central bank is now positive for a<i> &#8220;careful approach to bitcoin and saw a serious economic potential&#8221;<\/i> in the blockchain with the likely objective of a potential growth of their users.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<\/div>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>&nbsp; Bank of Russia\u00a0has 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 &#8220;advanced technologies and innovations in the financial market&#8221;, including the blockchain. Previous statements in Russia Bank of Russia&#8217;s deputy chairman Olga Skorobogatova\u00a0previously [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,37,59,101,260,369,435,481,535,536,609],"tags":[713,747,793,936,1037,1097,1137,1193,1194,1262],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank of Russia is working on the blockchain -<\/title>\n<meta name=\"description\" content=\"Learn about the Bank of Russia&#039;s plans to use blockchain technology for improved financial services, security, and transparency on HolyTransaction&#039;s blog.\" \/>\n<meta name=\"robots\" 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