The Bank of Russia partnered with ten biggest national banks to create “Fintech”, a consortium to implement financial innovations and trial blockchain technology.
According to Olga Skorobogatova, the deputy chairwoman of the regulator, the consortium is incorporated as an association.
“We have made the decision, I have told about that before, but now this has a form of particular agreements between ten major participants. We are creating the consortium we were going to create,” she said at Finnopolis 2016 in Kazan.
As implementation of distributed technologies would require the regulation framework to change not only on the Central Bank’s side, the association’s expert council will include representatives for ministries and other government entities to harmonize the required changes at early stages. This would allow them to get implemented right away without two or three years of waiting