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.

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