Current issue of a statement from autonomous financial expert, “We need to provide an opportunity to block chain in Russia.”

There has been an issue of a statement from an expert in Russia on ‘KVANTOR,’ the global payment platform based on the block chain that financial and IT industry experts in Russia participated in.

This one autonomous financial expert in Russia who did not want to reveal the name said, “Some of the banks (MoscoblBank) and RBA (Russian Bank Association) are trying to come up with solution due to the unexpected issue such as promise between block chain project, KVANTOR, and central bank (P2P payment) along with a problem for prohibition of transactions in dollar and account block.” He added, “It is still mysterious as to what actions are to be taken to maintain the existing bank system and come up with alternative of SWIFT payment. In the meantime, central banks are focusing on the crypto-currency.”

He said, “KVANTOR is one of the few projects with base in our country (Russia), and I want to remind Minister of Finance that they are using Jury.Online, tne escrow service system, to proceed funding. As long as their goals are achieved, and if they have an intention to have independent arbitrators to participate in the solution of disputes among investors, I agree to receive funds at a time from smart contract. Let’s give an opportunity to block chain in Russia.” This statement has been a huge issue in Russian society.

KVANTOR platform he referred to is a service that parties are able to proceed payment without going through a third party. By reducing costs and time on international wire transfer, this platform supports convenient and fast wire transfer transactions.

If international wire transfer users utilize decentralized distributed ledger protocol where P2P transactions are available, they are able to reduce time that was spent by 2 to 3 days for international wire into a few minutes. Therefore, transaction commission is reduced. At the same time, they are relatively free from geographical restriction as they are able to wire transfer the amount at any time using Internet. Administrative documents and procedures needed for transactions are simplified, and this is also an advantage of KVANTOR platform.

KVANTOR platform targets manufacturers and business partners as well as banks. In other words, transactions and wire transfer of nominated currency and crypto-currency as well as all other bank service such as wire transfer, liquidation, bank certificate, and bond purchasing work. In addition, they are used for transactions of raw materials such as oil, coal, and gold, and agricultural items including meats, fishes, and corns, and foreign currency transactions and trade service such as nominated currency and crypto-currency.

KVANTOR is a project led by CFO of Arsen Bakhshiyan who was in charge of business strategies and plans in major banks in Russia including agricultural banks in Russia and other team members with long experience in the field of finance and IT. EECO (Eurasian Economic Cooperation Organization)is participating in as a partner.

KVANTOR is proceeding sales up to October 10th. 

 

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