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.

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