The Bank of Russia believes that emergence of blockchain-based systems for financial markets is very likely to happen in 2017 or 2018.<\/p>\n
Olga Skorobogatova, deputy chairwoman of Russian Central Bank, stated during her meeting with representatives for commercial banks:<\/p>\n
“From the regulation and financial market protection points of view, the technology will probably be used in so-called ‘closed’ way, so that sender and receiver could be identified, so that there would be rules that market participants share and understand. We will see real-life instances of using the system in 2017 or 2018.”<\/strong><\/p><\/blockquote>\n
She stressed that ‘open’ functioning of such systems, like it happens in bitcoin’s case, does not meet the regulator’s requirements.<\/p>\n
“An open technology that bitcoin uses, for instance, implies total anonymity and validation that takes up to an hour,”<\/strong> Skorobogatova said.<\/p><\/blockquote>\n
A working group for blockchain research has been formed in the Bank of Russia last year. Sberbank, Russia’s biggest state-owned bank, also believes the blockchain technology is very promising<\/a>. The bank’s chairman German Gref and former minister for finance Alexei Kudrin recently stated<\/a> that it may change public services in Russia.<\/p>\n
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