Russia's central bank, the Bank of Russia, is working on launching a digital mortgage on the Masterchain blockchain platform, iHodl Russia has learned citing First Deputy Governor at Central Bank of Russia Olga Skorobogatova.
A proposal has already been sent to the Federal Service for State Registration, Cadastre and Cartography (Rosreestr) and the government. Skorobogatova says the watchdog already has nine banks, one special depository and the Rosreestr participate in electronic mortgages.
"In principle, electronic mortgages on a distributed registry are the basis for launching a digital mortgage further. And what we have given right now as an offer directly to the government and Rosreestr to finalize the process so that the full cycle of digital mortgage operations is implemented on the Masterchain," Skorobogatova said.
Masterchain is Russian national network for exchanging and storing financial data. It focused on improving online payments, promptly actualize the data as well as create financial services.
In February, the Bank of Russia, changed the criteria by which banks can ban client's accounts due to suspicious transactions, including those that related to the trading of virtual assets.
The amendments should "eliminate obsolete and add new schemes for unusual transactions, taking into account the current development of the financial market and the general digitalization of banking services," representatives of the Central Bank said.
Meanwhile, Sberbank, Russia's largest bank, intends to acquire about 5,000 ATMs with a built-in GPU.
According to the announcement, the bank wants to buy 4,917 ATMs with a graphic card powerful enough to carry out "blockchain operations."
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