Russia's leading bank opens blockchain lab amid cryptocurrency fever

Blockchain and Cryptocurrency in Russia

Many other Russian companies are interested in blockchain technology. In particular, Director of the blockchain department at Russia's Vnesheconombank (VEB) Aleksei Blagirev told the RIA Novosti information agency in December, that the bank would open its LegalLab laboratory aimed at consulting clients on cryptocurrencies and the blockchain technologies.

At the same time, VEB's chairman Sergei Gorkov said in December that the company was cooperating with Rosreestr (The Federal Service for State Registration, Cadastre and Cartography) to launch a blockchain-based project to register real estate in 2018.

Meanwhile, Russia has already made several attempts in recent years to create cryptocurrencies with government involvement – for instance, the national research institute Innovative Technologies developed the Bitcoin analog RuCoin. It has already been added to some global trade platforms and its developers have attracted over $200,000 in investment.

Sputnik