QIWI Considers Crimea Blockchain Project

News and Analysis

Russian payments processor QIWI could introduce blockchain technology in power industry companies in 2017. As reported by RNS, the pilot project is currently being under development in association with Crimea-based Taurida Electric.

“In spring, QIWI has already implemented blockchain technology in its processing in test mode. Next year, we plan a test project in a different economy sector, in cooperation with Taurida Electric,” QIWI spokesperson stated.

The project is about recording any transaction for power supply as a blockchain transaction. QIWI went on to suggest that other power industry companies could use the technology in future.

“If one power company contracts power supply, the transaction is recorded as a blockchain transaction. As a result, other power companies and government supervisors may see the transaction,” QIWI spokesperson elaborated.

Possible entry to Crimea could have negative consequences for QIWI for political reasons. It may also question the company’s membership in R3CEV blockchain consortium. Remarkably, QIWI’s induction to R3 was not accompanied by any official statements or press releases. At the same time, as ForkLog has learned, R3 has rejected a different Russian baking company’s application for membership in the consortium.

In June, the EU Council has prolonged Crimea-related sanctions for 12 more months: they are to last at least until July 2017. The sanctions cover prohibition of any European investment in the peninsula, including real estate transactions, funding businesses and rendering services. Additionally, the sanctions include visa restrictions and economic measures against several Russian government-owned companies of power, defense and finance sectors.

According to the RNS, Taurida Electric is related to Alexei Chaly, the former head of Sevastopol’s Legislative Assembly, who had been one of the inspirers of the Crimean events in spring 2014.

In October 2016 QIWI was the first Russian company to join R3. Earlier, the company said it was going to move its processing system on blockchain by the year 2021.

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