The Bank of Russia is working on a blockchain-based system of financial messaging for regulators in the member states of the Eurasian Economic Union (EAEU).

Central Bank’s First Deputy Governor Olga Skorobogatova has announced that plan, Banki.ru reports.

“We have an agreement with regulators in EAEU countries on development of a prototype of a financial messaging system in distributed ledger. We believe we can build exchange of messages within EAEU, using the new technology, and possibly calculation later on, based on new approaches and principles of distributed ledgers,” noted Olga Skorobogatova.

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According to the First Deputy Governor, they are considering several versions of the prototype in the framework of FinTech Association.

“There is a lot of talk about the blockchain technology and how great and almost perfect it is, but in fact, we have a lot of issues still. Blockchain does not solve the issues of efficiency, workload, security, etc,” said Olga Skorobogatova.

Touching on regulation of Russia’s crypto market, she has noted that the Central Bank intends to allow mining, but keep the exchange out of the country because of high risks.

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“We propose allowing mining in the territory of Russia, but applying the same norms and approaches to the mining organizations that we apply to other legal persons with different types of activity,” stated Olga Skorobogatova.

It is worth reminding that recently the Russian Ministry of Finance released the draft law on digital financial assets, which provides for the definition of the status of digital technologies, including cryptocurrencies. The bill contains a disagreement with the Bank of Russia regarding the possible exchange of cryptocurrency to ruble, foreign currency and/or other property. According to the Bank of Russia, such deals can be permitted only for tokens issued for raising funds.

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