Russian payment system QIWI intends to create a national blockchain consortium of Russian banks. The association would be focused on the development of the blockchain technology and qualification programmes.

The company has sent invitations to join the consortium to the largest Russian banks including Sberbank, Alfa-Bank, Binbank and others, writes “Izvestia” quoting a source close to QIWI. According to the newspaper, the decision to launch a blockchain consortium had to be a hasty one, because the banks must begin working on the technical standards before the end of the year, otherwise the Central Bank may refuse to implement the technology.

Recently a working group has been created by the Central Bank to study the blockchain technology. It is expected to present the first results of the research in June.

Binbank has confirmed that they received an offer from QIWI. According to Dmitry Kashtanov, head of the e-business department, the bank is negotiating with QIWI the possibility of joining the efforts and participation in the consortium.

“It is easier for the regulator to assess an agreed position of major banks rather than isolated opinions from the market,” added Kashtanov.

The work of the Russian blockchain consortium would be focused on identifying potential use cases for the technology and providing specialist training.

Overall, the group's objectives are close to those of the international blockchain consortium R3, which includes more than 40 world's top financial and credit institutions, such as Goldman Sachs, J.P. Morgan, Credit Suisse, Barclays and others. Russian banks are not represented in R3.

Last year, Sberbank announced an intention to join R3, however, according to foreign media, it was refused due to international sanctions imposed on Russian financial institutions.

Elena Platonova