Bank of Russia to Create a Blockchain Consortium

News and Analysis

The Bank of Russia is in the process of creating its own blockchain consortium focused on complex research of the technology and the opportunities it may provide.

Speaking at the 25th International Financial Congress in Moscow today, deputy chairwoman of the Bank of Russia Olga Skorobogatova said:

“Our position is in applying the technologies where they may benefit the market, not just replacing one solution with another. Currently we’ve developed a system for message transmission via blockchain. We’re testing it along with other market players.”

She noted that several banks and technological companies have already confirmed their participation in the consortium.

According to Skorobogatova, blockchain technology forces the Central Bank to revise the fundamentals of its operation, as it is based on trust and the need for partnership. The regulator intends to interact with the market and become more engaged in researching the technology instead of trying to immediately regulate it.

Skorobogatova also said that regulation and supervision are applicable only when there is some risk involved. For that reason, she said, the bank decided to launch a blockchain consortium.

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