Russia’s Central Bank open mortgage platform on the blockchain

Центральный банк России откроет ипотечную платформу на блокчейне

The Central Bank of Russia intends to use a local blockchain, approved by the FSB for his future project of electronic mortgages.

As reported, Russia’s Central Bank is developing a digital mortgage platform that runs on the internally developed the blockchain called Masterchain, reports Сointelegraph may 28.

According to Olga Skorobogatova, Deputy Governor of the Central Bank, recently Masterchain began to support digital mortgage loans, which are the basis of the future platform.

The financial institution has already submitted a proposal for his project digital mortgage to the government and the Federal service for state registration, cadastre and cartography Rosreestr.

Masterchain is Russia’s first blockchain-a platform that is certified by the Federal security service (FSB). This allowed the blockchain based on Ethereum which was launched in 2017, the organization associated with the Bank of Russia, the Association of FinTech.

For the first time, Masterchain used for electronic mortgages. In September 2018 the Russian subsidiary of Raiffeisen Bank international has published the mortgage documents containing information about the parties to the transaction, credit limit and its duration and property acquired in a decentralized Depository system Masterchain (DDS).

On the proposal of the Central Bank, the Russian government is hostile to cryptocurrency. Earlier this month, local legislators proposed a penalty of up to 2 million rubles ($ 27 800) and seven years in prison for trafficking of digital assets and cryptocurrencies.

Another sign that the authorities prefer blockchain before bitcoin was the news that the Russian Sberbank, the largest Bank in the country, is required to provide a tender for 4917 ATMs, is able to maintain the “blockchain transactions”.