Crypto-currencies reach the sky, as Aeroflot to spend RUB 24.6m on projects for their adoption

Maria Nikolova

Aeroflot has published a procurement notice for “Modeling of the development of the crypto-currency market in the Russian Federation and its influence on payments for Aeroflot’s air transportation services”.

Crypto-currencies have invaded various aspects of our lives and are now showing that sky is not the limit. Russia’s main airline – Aeroflot-Rossiyskiye Avialinii PAO (MCX:AFLT), has published a procurement notice for proposals for the implementation of crypto-currencies and related technologies in its operations.

The offer is formally labelled “Modeling of the development of the crypto-currency market in the Russian Federation and its influence on payments for Aeroflot’s air transportation services”. The value of the offer is RUB24,588,403 and the closing date for applications is July 18, 2017.

The company notes that global trend of the increased use of crypto-currencies and the advantages they and the related technologies offer. This includes the zero fees for transactions and the fast execution of financial operations without any intermediaries. That is why Aeroflot wants to examine the possible application of crypto-currencies and associated technologies, like Blockchain, in its operations.

In particular, the company is interested in using crypto-currencies for payments and wants detailed analysis of the demand for such services, as well as models of expenses and risks associated with the adoption of such currencies and the technological systems that accompany them.

All the work on the projects should be completed by December 10, 2017.

Back in 2014, the Bank of Russia has issued a very harsh statement regarding Bitcoin and other crypto-currencies, warning that the issue and use of money surrogates in Russia is forbidden and that involvement in Bitcoin transactions may be treated as a violation of counter-terrorism financing and anti-money laundering laws.

This opposition has softened a great deal since then, however. The Bank of Russia is now working on the development of a national virtual currency for Russia. Regulators are also considering finding a way to legitimize crypto-currencies and the related technologies. In May this year, Russia’s Prime Minister Dmitry Medvedev added his voice to the chorus of supporters of blockchain technologies, saying that the main moments of regulating blockchain and related distributed ledger technologies (DLT) should be clear by the time blockchain enters in various areas of life.

  • Read this next

    Podcasts, Women of the Industry

    FF Podcast delves into the rise of prop trading as Brokeree releases Prop Pulse

    In the latest FinanceFeeds Podcast, Tatiana Pilipenko discusses Prop Pulse, Brokeree Solutions’ platform for prop firms and retail brokers aiming to delve into prop trading. Offering a flat fee structure, Prop Pulse emerges as a scalable solution in an era where successful traders increasingly prefer prop firms over traditional retail brokers.

    Inside View

    Scalping or day trading?

    Among the many popular trading styles with both beginners and experienced traders are scalping, which allows you to extract small portions of profit from each price movement, and day trading, which aims to trade over a single day. In this article, you will learn what scalping and day trading are and their differences and peculiarities. Ultimately, you will learn what to look for to understand which trading style is right for you.

    Crypto Insider

    Unveiling Plasma Next: INTMAX’s Solution to Scale Ethereum with Stateless Layer

     INTMAX has launched Plasma Next on the mainnet α, a groundbreaking Layer 2 zkRollup, revealed by co-founder Leona Hioki at ETH Denver. This innovation offers scalability with constant costs per block, merging Plasma’s scalability goals with zkRollups’ security.


    Nuam selects Vermiculus for clearing system in Chile, Colombia, and Peru

    “We are proud to deliver a system that plays an integral role in the core of this historical merger, empowering one of Latin America’s most crucial markets with VeriClear’s state-of-the-art technology, together with our deep market expertise.”

    Retail FX

    Moomoo launches super app in Malaysia

    “As an investment platform connecting 21 million retail investors globally, we envision collaborating with exchanges, regulatory bodies, and partners in the visible future to become the gateway, connecting Malaysia’s investment products to global capital and investors.”

    Executive Moves

    FXPA elects Joe Hoffman as new Chair in its 10th anniversary

    “The opportunity to serve as Chair of the FXPA is truly an honor, and I am committed to upholding the exceptional work of a FXPA. Given the recent market fluctuations due to global tensions, inflationary pressures, shifts in monetary policy, as well as the outcome of the US election and the risk of recession, brings the potential for more FX volatility in 2024. I am dedicated to expanding the FXPA’s membership and I’m excited about collaborating with all members to echo the unified voice of the FX market.”

    Market News

    Eurozone Fights Stagnation Whilst Stock Indices Rally

    European stock markets are defying economic gloom as they continue to soar to all-time highs, showcasing resilience amidst broader economic challenges.


    Lisk Partners with Indonesia’s Communications Ministry to Boost Web3 Startup Ecosystem

    Discover the strategic partnership between Lisk and the Indonesian Ministry of Communications and Informatics, aimed at propelling local Web3 startups to new heights through comprehensive support and education.

    Executive Moves

    Admirals appoints founder Alexander Tsikhilov as CEO

    “Striking the right balance between sourcing new talent and developing and harnessing the strength and capabilities of our current workforce, is key to achieving our vision.”