The working group will hold regular meetings with bank representatives, self-regulation organizations and other players on the financial markets to discuss the aspects and applications of the new financial technologies.
The Bank of Russia decision comes several days after Andrey Shamraev, deputy director of the payments regulation department of the bank said in the lower chamber of the Russian parliament that the regulator is against the cryptocurrencies, including the Bitcoin, but supports the use of distributed ledgers such as the blockchain.
The blockchain distributed database was developed on the Bitcoin protocol and keeps record of data records and public ledgers on Bitcoin transactions. Its main advantages are that the records in it are almost impossible to be tampered with and the information is recorded, stored and published within miliseconds of the transaction. The technology and philosophy of the blockchain are being considered as the future model for processing and recording financial transactions.
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