Categories: FinanceNews

Bank of Russia Forms Fintech Group to Study Blockchains & Digital Currencies

On Sunday, the Bank of Russia issued a press release stating that a “working group” has been formed to evaluate emerging fintech innovations, with a particular focus on blockchains and distributed ledgers.

The group is lead by Olga Skorobogatova, Deputy Governor of the Bank of Russia. In the press release, Skorobogatova said that that heath and future of financial markets in the country is directly influenced by the fintech movement:

“The development of the present-day financial market is inseparable from the development of financial technologies,”

She also said that an “advanced regulator” is needed that can understand and interpret the implications of emerging technologies on Russia’s financial and economic systems. The newly-formed group will hold frequent meetings with regulators and financial market participants, to discuss the future of new payment systems within the Russian Federation.

While the Bank of Russia has taken a more level-headed approach to digital currencies and blockchains, other prominent Russian officials have not been so positive. German Klimenko, who was recently appointed as Presidential Adviser to Vladimir Putin, said that proliferation of digital currencies will eventually undermine the Rouble and the Russian economy.

He also stated that once virtual currency usage becomes mainstream, authorities around the world will be forced to ban them.

In addition to Klimenko, the Russian Ministry of Finance also holds very negative sentiments regarding digital currencies.

 

Image credit: 1

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Share
Published by
Traderman
Tags: Bank of RussiabitcoinblockchainDistributed LedgerOlga Skorobogatova

Recent Posts

  • Press Releases

IX Announces to Launch, The World’s First Exchange with BTC as Platform Token!

On September 20, 2018; the digital asset trading platform, which invested $ 10 million on purchasing the unusual overseas domain…

5 mins ago
  • News

Winklevoss’ Gemini Crypto Exchange Exploring The Lucrative UK Market

While it may not compete with Binance as the largest exchanges in the world, Gemini crypto exchange is certainly among…

6 hours ago
  • Press Releases

VivusPay Finally Makes Cryptocurrencies As Easy to Use as Fiat

Many agree that using cryptocurrency presents much-needed solutions to problems that exist across the board in the payment industry. Blockchain…

7 hours ago
  • Education

Bucking a Trend: What Is a Reverse ICO?

You only have to hit “view all” on Coinmarketcap to see the explosion of cryptocurrencies over recent years and months.…

8 hours ago
  • Press Releases

DBX – The Blockchain For Real World Apps Launches Official ICO

September 24th, 2018, Singapore – The technology company that’s leveraging Blockchain to build applications and businesses with transparency and control…

9 hours ago
  • Price Analysis

Cardano Price: Upward Momentum Will Arrive Soon Based on Technical Analysis

The cryptocurrency markets are stuck between upward momentum and going down in the red even further. More specifically, the Cardano…

9 hours ago