Russia’s VEB and Ethereum seal partnership

Maria Nikolova

The partnership is poised to help find applications of blockchain, inter alia, in public administration.

Russian businesses continue to embrace various distributed ledger technologies. The latest news in this respect comes from the Bank for Development and Foreign Economic Affairs (Vnesheconombank), which on Tuesday announced the launch of a partnership with the Ethereum Foundation.

The partnership will see both organizations collaborate on various projects involving distributed ledger technologies and the Ethereum platform. Vitalik Buterin, founder of Ethereum, noted that one of the goals of the partnership is to explore and develop application for using blockchain technologies in public administration. The process of adapting these technologies to the needs of the state enterprises in Russia is also set to accelerate.

Ethereum has been making significant strides in various business segments in Russia. In July this year, Alfa-Bank and airline S7 said they were teaming up on a project that will allow selling of flight tickets based on the Ethereum blockchain. According to the bank, one of the major advantages of such a move is the fast processing of payments. This announcement came shortly after the announcement by Russia’s main airline – Aeroflot-Rossiyskiye Avialinii PAO (MCX:AFLT), which invited proposals for the implementation of crypto-currencies and related technologies in its operations.

Blockchain technologies are increasingly attracting the attention of Russian businesses and authorities. The latter are seeking to explore ways of fitting this new type of solutions into some regulatory framework. Although such a legal framework does not exit in Russia at this point, these technologies are not in any way restricted or banned.

Earlier this month, Russia’s Federal Agency on Technical Regulating and Metrology (also known as Rosstandart) said it was forming a new tech committee on the standardization of DLT and blockchain. The committee will deal with issues such as the architecture standards, areas of application and requirements for the software based on DLT and blockchain. Issues of security and confidentiality will also be on the agenda of the new committee.

Read this next

Industry News

ASIC cancels/suspends AFS license of AFSL Group and Quantum Funds Management

ASIC canceled the AFS license of AFSL Group because it failed to lodge statements and audit reports and it did not maintain AFCA membership. The Australian regulator suspended Quantum because it does not have the required professional indemnity insurance coverage.

Executive Moves

BidX Markets hires Shaun French as Research Analyst – Multi Asset

“We believe with his background in the Financial Markets and being based in Dubai, he will be able to provide our clients with access to outstanding research, while also being in a great location to help support our international clients base which is growing at a rapid pace’’.

Institutional FX

Nasdaq migrates US options exchange to AWS with +10% performance in round-trip latency

Nasdaq has announced the successful migration of the core trading system of Nasdaq MRX – one of its six U.S. options exchanges – to Amazon Web Services (AWS).

Institutional FX

TraditionData launches oil swaps pricing data at a critical time in OTC oil traded markets

TraditionDATA has announced the release of a new proprietary Oil Swap Model (OSM) which brings further visibility into illiquid and opaque oil markets.

Technology

TNS connects to Tel Aviv Stock Exchange (TASE) as market data vendor

“This latest exchange connection allows TNS to provide access to approved recipients, including exchange members and market data vendors. This project includes market data for TASE’s equities and increases the number of market data feeds we now offer globally.”

Executive Moves

Cowen Digital taps ex-Blockchain.com Taylor S. Cable to lead Europe and Asia operation

“Cowen Digital is a pioneer in delivering institutional grade access to the digital asset ecosystem and I am very excited to join the team at this pivotal time to grow our presence in Europe and Asia.”

Industry News

ASIC sues American Express Australia for lack of TMD on credit cards

“ASIC has now taken multiple actions under the design and distribution regime, including issuing over 20 interim stop orders. This regime turned a new page in the regulation of financial products in Australia and is intended to deliver better outcomes for consumers. It is a priority for ASIC to maximize these increased protections and see the long-term benefits of the DDO regime realized.”

Institutional FX

Eurex reports mixed volumes for November 2022

Deutsche Börse’s derivatives-focused exchange, Eurex today said its total traded derivatives contracts grew by 10 percent in November, from 68.6 million to 75.3 million compared to the same month last year.

Digital Assets

AAX’s Nigerian customers storm local office amid withdrawal halt

According to the Nigerian media, angry consumers of the troubled crypto exchange AAX had stormed its local office hoping they can get their money back after the firm halted operations earlier in November.

<