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Russian Central Bank Tests DLT for Mortgage Records

29 May 2020 12:45, UTC
Russian Central Bank Tests DLT for Mortgage Records

The central bank of Russian Federation wants to put mortgage records on a government-backed DLT Masterchain, according to the Bank of Russia’s first deputy chief, Olga SKOROBOGATOVA.

Also, the official added that the Bank of Russia’s regulatory sandbox for DLT has applications from 50 projects in the pipeline, some of which have already completed pilots. According to her, the companies are now waiting for regulation to be passed so they can launch in Russia.

Previously, the decentralized depository system for digital mortgage bonds has been tested and proved successful. Masterchain was launched in 2017 by the Fintech Association, which is supervised by the Bank of Russia. Currently, six Russian banks have been testing it for exchanging digital letters of credit. It is also known that Masterchain was criticized by the blockchain expert of the largest bank in Russia, Sberbank.

Recently, Russia was in the spotlight of the crypto community, considering rumors about a total ban of cryptocurrencies in the country. Later, Anatoly AKSAKOV, Chairman of the State Duma Committee on Financial Market, stated that this is the position of central bank only, not Duma.

Image: Interfax



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