Qiwi establishes blockchain subsidiary

Maria Nikolova

The company, which back in the days planned the launch of “BitRuble”, continues its push into blockchain tech.

Payments services provider Qiwi PLC (NASDAQ:QIWI) has set up a subsidiary called Qiwi Blockchain Technologies (QBT). As its name suggests, the business will develop products based on the blockchain technology.

Alexey Arkhipov, who heads Qiwi’s efforts to develop crypto technologies, has confirmed the news to Russian newspaper “Kommersant”. Mr Arkhipov will be at the helm of QBT.

QBT will be responsible for the development and implementation of blockchain-based products into Qiwi’s payments ecosystem, as well as for expertise and consulting services provided to external clients. The subsidiary has already developed Qiwi cryptoprocessing, which has passed tests and is ready for integration.

Qiwi is known for its efforts in the crypto currencies area. In September 2015, Russian media reported of plans by the payment services provider to launch its own crypto currency, set to have the name BitRuble. The new currency was said to be based on the blockchain technology.

Any plans to launch the “Russian Bitcoin”, however, will have to be co-ordinated with the Bank of Russia and its official stance regarding crypto-currencies is very negative. According to a statement by the central bank dated January 27, 2014, provision of Bitcoin exchange services is a suspicious activity and is treated as violation of state AML laws.

In February 2016, the Bank of Russia displayed the first signs of warming up to new technologies associated with virtual currencies by announcing the setting up of a group that would analyse the innovations and promising technologies in the financial market. Amid the priority questions for the group are the new developments in the mobile and payment areas, along with the study of distributed ledger technologies (like blockchain).

Even Russia’s Finance Ministry appears to be softening its push for introducing harsh penalties for Bitcoin-related activities. In January this year, Russia’s Deputy Finance Minister Alexei Moiseyev said that the Bank of Russia and the Federal Financial Monitoring Service did not identify any threats from the use of crypto-currencies. At that point, the implementation of the “anti-Bitcoin law” was put on hold.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<