Russian central bank official: Commercial banking industry should embrace blockchain tech

Announcements | February 12, 2016 By:

Russian central bank deputy chair Olga Skorobogatova told members of the country’s banking sector that the central bank sees a major role for blockchain applications in finance as the technology gains traction among the world’s financial institutions.

“In 2017-2018, we will see real examples of the use of this system. As a closed system, I think, [the blockchain] is the future, and we need to prepare for it,” said Skorobogatova.

This is not the first time that the country is seen appreciating the technology. Recent it was reported that while recently appointed Internet advisor to Russian president Vladimir Putin German Klimenko said that accepting bitcoin is a crime, he believed the blockchain technology to be ‘amazingly interesting’.

The comments come as Russia inches closer to legislation regulating so-called money surrogates, a classification of non-government issued currencies that includes bitcoin and other digital currencies.