Russian publication Izvestia reported that QIWI, publicly traded Russian payment service provider will create a consortium of Russian banks which will develop standards for the application of blockchain technology.

According to the report by Izvestia, QIWI intends to develop standards for the application of blockchain technology among banks. Largest Russian banks to join the consortium include, the Savings Bank, BIN-Bank, Alfa-Bank. The Russian startup QIWI has given invitation to these banks.

Confirming to this, Dmitry Kashtanov, head of Digital Business at Binbank said that it has received an invitation from QIWI and the bank is discussing the possibility of joining the consortium. The bank believes that this would facilitate the joint common interests of banks, rather than the separated disparate views of the market.

This decision on the establishment of Russian banks consortium on blockchain provoked the EU and US sanctions. Sberbank previously reported its interest to join the R3-led international blockchain consortium which included Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA and UBS and others. However, the bank was denied membership in the consortium due to diplomatic international sanctions on Russia.

Kashtanov said that, the core aim of the QIWI blockchain consortium is to make sure that there is cooperation and communication of banks to discuss the potential applications of blockchain technology. Also the consortium will aid in training specialists for blockchain-based projects. Izvestia also cited that according to Central Bank, if the issue is not solved with the application of technology to the end of 2016, banks have to cool interest in it; then it will be inappropriate to further study.

QIWI headquartered in Nicosia was founded in 2007 and operates electronic online payment systems primarily in Russia, Kazakhstan, Moldova, Belarus, Romania, the United States, and the United Arab Emirates.