Russian Central Bank plans to establish a vast blockchain-based marketplace

Russian Finopolis forum continues to supply us with the latest opinions of Russian officials on digital market. This time, it’s the first Vice Chairman of the Central Bank, who sees vast opportunities in the retail blockchain.

“We offer to create a national register of financial transactions. This will increase the consumer trust to remote tracking systems”, tells Sergey Shvetsov, explaining that many people often question the reliability of systems that transfer funds to remote bank accounts.

This system will also include a marketplace, which will lead to the increase of competitiveness, as one third of Russians actively buy goods on the Internet. But the marketplace will be developed later that the deposit system, the Vice Chairman noted.

Russian market will be the main system developer and owner, Shvetsov assures: “The system will belong to the market, it is a regular practice: we have no complaints towards the central depository, stock exchange and the credit bureau, which all do not belong to the Central Bank.”

The whole platform is at the concept stage, but if this concept attracts investors, the development will follow, tells the representative of the Central Bank of Russia. Some parts of the system – verification and transaction registration – will “have monopoly characteristics” (might mean they will belong to the state actors), while all other components will be private.