Quick Blockchain Adoption a 'Myth', Says Russian Central Banker
A high-ranking official at Russia’s central bank believes blockchain technology needs more time to mature. At a banking conference today, financial news source Bankir.ru reports Bank of Russia Deputy Chairman Olga Skorobogatova addressed the growing enthusiasm and interest in blockchain domestically amid a broader talk on innovation. There, Skorobogatova argued blockchain solutions won’t arrive today, but will likely take three to four years to move forward as the technology becomes better understood. A rough translation of the statements reads: "The myth of blockchain, that....
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The Deputy Chairman of Russia’s central bank has poured cold water on the frenzied buzz surrounding blockchain, opining that the innovation is still years away from being adopted by the banking industry. Speaking at a banking conference that focused on Russian banks in the 21st century, today, Deputy Chairman of the Central Bank of Russia – Olga Skorobogatova weighed in on the notable interest surrounding blockchain technology by those in the financial industry. Skorobogatova underlined 2015 as the year that saw an “explosion” of interest in distributed ledger technology. However, she then....
Only a small share of cryptocurrency transactions have illicit purposes and the use of digital coins in illegal activities is for the most part a myth, a high-ranking Russian lawmaker has recently stated. Andrey Lugovoy, who is one of the deputies working on new crypto regulations, also said Russia can become a global leader in crypto mining. Russian Developers Working on Software Detecting ‘Dirty’ Cryptocurrency The illegal use of cryptocurrencies is largely a myth, according to Andrey Lugovoy, a member of the working group on crypto regulation at the State Duma, the lower....
Trying to make sense of how Russia feels about Bitcoin and blockchain has become increasingly difficult as of late. Now, the Russian Central Bank strongly feels blockchain and distributed ledgers are not the same thing. It is not the first time the Russian Central Bank has shown keen interest in distributed ledger technology, as the financial institution....
A report has revealed that Russia’s Central Bank is considering a blockchain, albeit not the Bitcoin blockchain, to be used among banks in Russia to store all transactions on a shared distributed ledger. In a nod toward embracing blockchain technology, the Bank of Russia, the country’s central bank recently revealed the creation of a blockchain ‘working group’. The primary function of the working group is to evaluate and assess the potential real-world applications of the technology that underpins Bitcoin. Now, a report in prominent Russian publication Izvestia has cited sources close to....
The head of a recently created unit at the Central Bank of Russia devoted to exploring financial technologies sees a wide-reaching role for blockchain use in finance, according to a recent interview. Translated statements from an interview between Russian-language publication Bankir.ru and Vadim Kalukhov, director of the Russian central bank’s Financial Technology, Projects and Process Management Department, paint a portrait of cautious enthusiasm for the technology, a stance consistent with past statements from the institution. The Central Bank of Russia, which earlier this year made....