Bank of Russia's FinTech Association to Introduce Blockchain Technology

The Russian central bank has decided to found a new Fintech Association that will further promote the development of Blockchain technology in the country. This comes after major commercial Russian banks announcing their intention to join a local Blockchain Consortium last July.

To unlock the Asian market, register now to the iFX EXPO in Hong Kong

Members of the new group include Alfa Bank, Sberbank, VTB, the National System of Payment Cards (NSPK) and Russian payment services provider Qiwi - which is already part of the international R3 blockchain consortium.

"The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy," said Olga Skorobogatova, Deputy Governor of the Bank of Russia.

The central bank explains that Association participants will seek to study and introduce "the most promising technologies", including distributed ledger (blockchain), open application program interface (open API) and remote identification technologies, as well as to create a single payment space for Russian households and legal entities, etc.

The new FinTech Association is to start operations in January 2017.

Almost a year ago the Bank of Russia first established a working group on the analysis of advanced technologies and innovations in the financial market, which among its priority issues is the study of distributed ledger technologies.