Bank of Russia Sets Up Taskforce to Explore Bitcoin and FinTech

It may come as quite a surprise to some people, but the Bank of Russia will be exploring what Bitcoin technology has to offer to the financial world.
The status of Bitcoin in Russia seems to be changing on a day-to-day basis. One day, government officials want to abolish the digital currency and make using Bitcoin punishable by law. The next day, the Bank of Russia announces they are looking to explore the possibilities and boundaries of Bitcoin technology. Trying to make sense of all of this is becoming rather difficult, but it is good news to see the Bank of Russia keeping an open mind.
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Bank of Russia Wants Financial Innovation
Similarly to a trend that is happening all over the world, the way we conduct payments and use financial tools is changing, even in Russia. Despite trying to ignore the problem for the longest time possible, theBank of Russia has publicly announced they want to be involved in the evolution of FinTech.
Evaluating and analyzing potential applications of new financial technology will help bring more stability to the Russian ecosystem. Albeit the country is known for very strict capital control, the Bank of Russia wants to give citizens a bit more control over their finances. No one should expect financial freedom anytime soon, though, but it a small step in the right direction.

This post was published at NewsBTC