QIWI to Set Up a Russian Banking Consortium for Blockchain Technology
The leading Russian payments service provider QIWI is putting together a consortium of banks to explore blockchain technology. Russia may soon have its own consortium of banks led by the country’s leading payment services provider QIWI. It is no secret that Russia has mixed feelings about Bitcoin and other digital currencies. Call it paranoia or being extra cautious, the country has gone far enough to make exchanging bitcoin to ruble a crime. According to a recent legislation passed by the country’s finance ministry, anyone caught converting bitcoin to the country’s legal tender can face....
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According to a report, Russian payment platform Qiwi will create a blockchain consortium which will see Russia’s biggest banks at its members. In a move reminiscent of the private banking blockchain consortium led by New York-based R3, Russian payment operator Qiwi is reportedly looking to create a consortium for banks in the country. Qiwi intends to develop standards for the application of distributed ledger technology among banks, according to a report from Russian publication Izvestia. The Russian startup has sent invitations to Russia’s biggest banks including BIN Bank, Alfa Bank, and....
Having a partner with close ties to national regulators and policymakers will be beneficial to the R3 consortium. The R3 blockchain consortium continues to welcome new members all year long. In a rather surprising turn of events, Russian payment provider QIWI joined the team. This is somewhat strange, as it appeared the company was in talks with the Russian government to develop new blockchain solutions. R3 and QiWI will elaborate on design and possible application of distributed ledgers. A partnership between Russia’s primary payment provider and the R3 blockchain consortium is an....
The Russian banking industry has announced the plans for creating a consortium of institutions to explore blockchain technology. The relation between Bitcoin and Russian authorities can be described as turbulent at best. While the Government, as well as the Central Bank of Russia, are not open to the use of Bitcoin or any other currency in their territory, they have a different outlook towards the underlying technology of bitcoin. The recent announcement by a group of Russian financial institutions to create a consortium to work on Blockchain technology is a standing proof of that. The....
Russian payments provider Qiwi has revealed it wants to launch a domestic blockchain consortium it compared to the 44-member banking consortium R3CEV. In statements today, Qiwi CTO Alexei Arkhipov expanded on his company’s work with blockchain tech, reiterating how the company has developed its own prototypes for payments processing. Originally nicknamed ‘BitRuble’, the project caused concern among local regulators, who have been moving to formally ban the use of blockchain-based digital currencies. Arkhipov, however, said that sentiment regarding the technology is now changing, and that....
Russian payments firm QIWI has joined the R3 blockchain consortium. Announced earlier this week, the move is the latest for the firm that made waves earlier this year when it announced its plans to pursue the creation of a digital currency. QIWI has since outlined how it plans to potentially replace aspects of its core infrastructure using the technology, a process that it said could play out over the next five years. In statements, the company expressed hope that some of the in-house projects it has developed can be applied to some of work being conducted among R3's global banking....