Central bank of Russia is continuing to work and study blockchain applications, having announced the creation of a new FinTech group focused in part on the distributed ledger.

Officially formed on 28th December 2016, the Russian group includes representatives from several important Russian banks including Alfa Bank, Sberbank and VTB. Also, it includes payments processor Qiwi and the National System of Payment Cards (NSPK).

Earlier this week, the company said Qiwi CEO Sergey Solonin will be the association’s new chief.

In addition to the blockchain, Central Bank of Russia explained it will also investigate identification technologies and new payment system frameworks within the group.

Olga Skorobogatova, or the bank’s deputy governor, explained in an official statement:

“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.”

This news reveals that Bank of Russia intends to play a leading role in the test and development of blockchain applications within the country and not only. Its interest in the technology is not a secret.

Recenlty, the Russian central bank has been undertaking a hands-on education into the ledger, announcing a new system for financial messaging called Masterchain back in October to improve its national payment system.

Also, the Russian government has been exploring the blockchain and it announced that Bitcoin is not an illegal method of payment.

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