Bank of Russia sets up working group on Blockchain technologies

Russia’s financial regulator, Bank of Russia, announced it has set up a working group whose main task is to analyze the technological innovations on the financial markets and the blockchain technology in particular.

The deputy chair of the Bank of Russia, Olga Skorobogatova who headed the group, noted that the fast development and digitalization of the financial technologies creates new ecosystems and business models and change the behavior of the financial services users. “The highly technological financial market needs a highly technological regulator who needs to be up to date with the new technologies and processes,” Skorobogatova said, quoted by the Bank of Russia press office.