NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

QIWI Set Up a Russian Banking Consortium Blockchain Technology

Gautham
Gautham
4 years ago
2 mins read
QIWI, russia

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Russia may soon have its own consortium of banks led by the country’s leading payment services provider QIWI.

It is no secret that Russia has mixed feelings about Bitcoin and other digital currencies. Call it paranoia or being extra cautious, the country has gone far enough to make exchanging bitcoin to ruble a crime. According to a recent legislation passed by the country’s finance ministry, anyone caught converting bitcoin to the country’s legal tender can face up to 4 years of imprisonment combined with a hefty fine. However, this has not stopped the country from exploring the technology behind bitcoin.

In multiple occasions, government officials including the President of Russian Federation, Vladimir Putin have expressed that the country will look into blockchain technology and its adoption into different sectors. Adoption of Bitcoin technology by Russian financial sector is now becoming a reality, especially after a piece of information about QIWI (NASDAQ: QIWI), the Russian payment service provider surfaced in various news articles. QIWI is putting together a consortium of Russian banking and financial companies with an intention of developing standards for the application of blockchain technology in these sectors.

According to Russian media outlets, the information about QIWI’s foray into blockchain technology was made available to them by someone close to the source, under the condition of anonymity. Some of the Russian banks expected to be part of this QIWI led consortium includes the Sberbank, BIN Bank and Alfa Bank. It is being speculated that the banking institutions are also in a hurry to develop technical and operating standards for the implementation of blockchain technology into banking and financial operations as inaction on this front may lead to its abandonment by the regulatory bodies.

QIWI’s Banking Consortium and Sanctions

There are also reports that domestic development of blockchain technology standards for the banking sector is driven by sanctions as well. According to sources, as reported by Izvestia, the Russian banking major Sberbank’s participation in the international banking consortium for blockchain technology, led by R3 was rejected on the grounds that the bank is in the EU and US sanctions list.

Russia has been under severe economic sanctions by the European Union and Western Bloc nations following the disturbance in Ukraine which resulted in Russia annexing Crimea, which was part of Ukraine. As the sanctions continue, many Russian companies and high profile individuals have found themselves unable to carry out normal transactions and business activities with their foreign counterparts.

If the QIWI led consortium comes up with operating standards for blockchain technology based solutions by the end of this year, then they are likely to receive the full support of the Russian Central Bank. Otherwise, the Central Bank may direct the participating banks to abandon further research into the technology.

Ref: Izvestia | Image: TheRuNet
Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

青色のプレゼントボックスの上にあるBTC

Bitunixボーナスキャンペーン開催中|最大710ドルの獲得手順

世界中のトレーダーに選ばれている暗号資産(仮想通貨)取引所 Bitunix が、新規ユーザー向けに最大710 USDT相当が獲得できる特別キャンペーンを実施しています。 期間は2025年3月18日から...

rinsuzuki 1 hour ago
Dogecoin

Dogecoin Bounces Back With 8% Gain—Is $0.26 In Sight?

Dogecoin has observed a rebound from the support line of a Parallel Channel. Here’s where the next target could lie,...

Keshav Verma 3 hours ago
Bitcoin Price Coiling Up

Bitcoin Price Coiling Up — Is a Surge Past $110K on Deck?

Bitcoin price started a fresh increase above the $107,500 zone. BTC is now consolidating and might struggle to continue higher...

Aayush Jindal 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin Brushes $110K as Whales Pull Funds from Binance, What Are They Planning?

Bitcoin Brushes $110K as Whales Pull Funds from Binance, What Are They Planning?

Samuel Edyme 10 minutes ago

加密貨幣集體上升 比特幣目標價13萬美元!現在下注百倍幣有哪些?

Mark Mak 11 minutes ago

Under Stress: Tron Revenue Drops As Nearly $190M Flows Out

Christian Encila 2 hours ago

Premium Sponsors

Press Releases

  • Top kryptoměna ke koupi dříve, než vzroste o 2 200 %, podle Cathie Wood

    Top kryptoměna ke koupi dříve, než vzroste o 2 200 %...

    7 hours ago
  • The smartest way to make money in 2025: Invest in cloud...

    14 hours ago
  • Od Bitcoinu k BTC Bull: Kde leží skutečný potenciál?

    ...

    14 hours ago
  • Bitcoin vs. Gold: Which Is the Best Investment In 2025?

    15 hours ago
  • Profit of $5,735, senior trader uses Ripple (XRP) to open...

    15 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.