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Russia’s Central Depository aims to develop its own cryptocurrency wallet

Russia’s Central Depository aims to develop its own cryptocurrency wallet

Russia’s National Settlement Depository (NSD), the central depository for Moscow Exchange is the largest group in Russia. It now aims to develop a blockchain platform to provide deposit and settlement services for cryptocurrency wallet.

The partnership with waves platform, for a launch of the distributes applications a public blockchain project, was intends. As it was mention in a previous blog that it had struck a deal to become the NSDs technological partner. On the notice, it had already started developing a prototype.

In today’s announcement, during the first half of next year, there is confirmation from the NSD that the first prototype will implies.

This platform allows NSD to issues a cryptocurrency wallet available for banks, retail investors, and pension funds. Additionally, it enables the exchange of those assets for fiat currencies too.

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Eddie Astanin, chairman of the executive board at NSD, said:

“Our goal is to create a secure and user-friendly accounting infrastructure for digital assets. We consider the platform would not only provide technological and legal protection of all parties involved but also extend a variety of post-trade services for investors, custodians and new institutions emerging in this sector of economy”.

Therefore, the blockchain startup proclaims that the project is technologically attainable. Sasha Ivanov, CEO, and founder admits the distrust of regulatory that whether the NSD would be legally allows to deal with digital assets. It holds the major challenges for the project deployment to market.

“Project employment depends not only on technical development but on the development of a judicial framework. It emigrates the risk of crypto assets ownership that enables the services is user-friendly”, the statement reads.

According to study, there is no concrete regulatory proposals have been put forward while a legal framework captures Bitcoin Russia. It is now in a discussion by Russia’s various central and financial authorities.

In last few years, Russia has considered a U-turn on its attitude towards cryptocurrency from possible ban to a robust discussion. It is an analysis of use cases that could be implemented by government agencies.

For instance, a few days ago, the Russian Ministry of Health announced its work with the country’s state owned Vnesheconombank to develop a blockchain platform to exchange patient data.

Author

Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.