Cryptocurrency-based projects are springing up in Russia, as President Putin sees in these technologies a potential instrument for the country’s modernization and the central bank has officially recognized bitcoin a “digital currency.”
One of the latest initiatives from the private sector came earlier this month from Aeroflot. The giant Russian airline company is investing 24.6 million rubles (some $400,000 at the current exchange rate) to study the possible applications of cryptocurrencies and Blockchain in its operations, and the associated risks.
As reported by FinanceFeeds, Aeroflot has published a procurement notice for “modeling the development of the crypto-currency market in the Russian Federation and its influence on payments for Aeroflot’s air transportation services”.
The closing date for applications is July 18, 2017. All the work on the projects should be completed by December 10, 2017.
Another Russian airline, S7, has announced the start of ticket sales on the ethereum blockchain, in partnership with Alfa-Bank. In December 2016, the airline had executed the first of its kind service payment using the ethereum blockchain smart contracts through a letter of credit with Alfa-Bank.
Two months ago Chronopay, a major online payment provider operating in Russia, announced the use of bitcoin in its payment gateway. The company’s clients will thus be able to accept the popular cryptocurrency.
In March Qiwi, a NASDAQ-listed Russian payment company, created a subsidiary dedicated to blockchain products. Qiwi may invest nearly $1.7 million this year in such technologies.
