Blockchain considered in proposal to improve regulating Russia’s National Payment System

Russia’s Association Financial Innovation (AFI) released a “roadmap” for improving the regulation of the National Payment System (NSPK in Russian) that includes using blockchain technology, according to Plusworld, a Russian news source. Following discussion, the proposal is to be submitted to the Bank of Russia, the Ministry of Finance, the Federal Financial Monitoring Service and the State Duma.

The development of a unique identifier, possibly using blockchain technology, is noted as the first of nine provisions, along with expanding short-term opportunities of transactions under a simplified customer identification.