Instant Blockchain Disruption a “Myth”, Says Russian Central Bank Official
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....
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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....
A top Russian central bank official said at a press conference that the monetary authority will permit foreign trade with crypto. First deputy governor of the Russian central bank Ksenia Yudayeva stated Tuesday that the bank is open to using cryptocurrency for international payments, Reuters reported, along with Russian media, which added that the bank was reconsidering its position on crypto mining as well. Yudaeva was quoted as saying:“We have changed our position on mining, and also permit the use of cryptocurrency in foreign trade and outside the country,” The bank official’s....
Olga Skorobogatov, deputy chairman of the Bank of Russia (Russia’s central bank) has, in a blockchain conference, spoken about the possible development and creation of a national digital currency in the Russian Federation. Speaking at the “Blockchain and Open Platforms” conference in Russia, Deputy Chairman of the Bank of Russia Olga Skorobogatov has suggested that a national digital currency is likely to be developed in the future. She cited the increasing relevance of distributed ledger or blockchain technology, an innovation that will come to being used in Russia’s financial markets as....