FinTech union to create Russia’s 1st blockchain operator

MOSCOW, Apr 12 (PRIME) -- Russia’s FinTech Association will create the country’s first blockchain operator to develop local distributed ledger technologies, the association said on Monday in a statement.

“FinTech Association and its members, Russia’s largest financial institutions, will set up a blockchain operator. VTB, Gazprombank, Promsvyazbank, the National Payment Card System, the Moscow Exchange, and the FinTech Association will become the founders of a limited liability firm, Distributed Ledger Systems,” the statement read.

The charter documents were signed on April 9.

The project will contribute to development of innovative products and services and will cut costs of all market players.

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