The pilot project aimed at adopting blockchain for interbank payments will also involve the country’s stock exchange and eight local and foreign banks.
Ten new companies will apply collaborative efforts to develop a cross-industry open standard for distributed ledgers.
The banks tried five different blockchain-technology providers to test trading fixed income.
The project aims at transformation of loans and settlements with a help of blockchain technology.
According to reports, Russia’s Sberbank plans to join the R3-led international blockchain consortium.
The innovation firm R3 has received support from five additional banks that joined the company’s project on developing blockchain solutions for the finance industry.
Thirteen top banks, including Citi, Bank of America and Deutsche Bank, have joined a consortium led by financial tech firm R3 that is developing blockchain technology for the financial industry.