Bank of Russia sets up fintech body and gains internet-blocking powers

Bank of Russia
The Bank of Russia

Russia's central bank has launched an association for financial technology development and gained new powers to deal with suspected online financial crime.

The fintech association's supervisory board is chaired by Bank of Russia deputy governor Olga Skorobogatova, the central bank announced on February 2. The board also includes the central bank's director for financial technology, Vadim Kalukhov. The association consists of "major financial market participants" as well as the central bank.