Russia’s Central Bank is developing a blockchain financial service platform

The Central Bank of Russian Federation in cooperation with the FinTech association is currently developing the blockchain platform dedicated for various digital applications and services. RNS learned this fact from Maxim Grigoriev, the head of CB’s Center of Financial Technologies during the round table on cryptocurrency regulation.

Grigoriev highlighted that the Bank of Russia works on a number of fronts, cooperating with the most promising platforms – Ethereum, Corda, Rupple, Exodus, trying to understand the best ways of their application and develop the domestic infrastructure for them.

At the same time, the Russian financial regulator plans to create its own solutions at the national level, to develop the basis for both financial and non-financial applications and services. These goals aside, Maxim Grigoriev also stressed the importance of use of domestically-developed cryptographic protection – without that, he said, no serious structural changes can be implemented.

The Central Bank also cooperates with international organizations, discussing digital technology issues, including the issues of Distributed Ledger Technology.