Blockchain Payments to Be Implemented in Russian Federal Subject

February 22, 2018

Vnesheconombank (VEB) has signed an agreement with the government of a Russian federal subject Kaliningrad oblast on the creation of a new payment system based on a blockchain.

Last week, subject's officials, including the governor Anton Alikhanov, and VEB Chairman Sergei Gorkov, met at the Russian Investment Forum in Sochi to sign an agreement on the launch of a project to implement social payments using blockchain technology.

The bank and the government of the subject hope that the technology will improve the quality of local social services by increasing transparency and reducing costs. The government of Russia has already tried to implement blockchain in the public sector, but this deal with VEB is the first notable deal that combines public and private efforts in this direction.

Both parties plan to cooperate in order to implement modern IT solutions in the federal subject, such as social payments and electronic services based on blockchain in order to improve the efficiency of public and commercial administration.

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