Russia blockchain consortium announced

Russian banks are uniting to conduct research into crypto technologies.

Invited by the Central Bank of Russia, the consortium was announced at the XXV International Financial Congress in the Russian city of St. Petersburg. Participants include QIWI Group, Accenture, BINBANK, MDM Bank, Bank “Otkritie”, and Tinkoff Bank.

This is the first time Russia’s banks are collaborating on distributed technologies. They will develop and test prototypes, standardize technology, harmonize Russia’s blockchain with the global system, promote the technology and liaise with regulators.

Blockchain mastery will bring significant benefits to the Russian economy QIWI Group CEO Sergey Solonin believes.

“The creation of the consortium in Russia is our response to the rapidly growing interest in innovative technologies that can lead the economy, business, and daily life of a person to a completely new level of interaction and confidence.”

The blockchain will disrupt the Russian financial system, Accenture Russia’s Artem Asanov explained.

“Blockchain technology promises to largely supplement and probably disrupt ways the financial market is operating today, by enabling new efficient cooperation models for market participants, enhancing accessibility and reliability and driving down costs for financial services consumers.

“Blockchain potential is unlocked at its best in joint applications among wide groups of market participants. Therefore, we welcome and support the consortium combining efforts of the largest innovative financial institutions in Russia.”

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