Digital Mortgage Platform Allegedly Being Developed By Russian Central-Bank
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The Russian central-bank is allegedly getting ready to develop a digital mortgage platform that would be powered by the domestic developed blockchain called Masterchain. According to reports that surfaced earlier this week on the 28th of May, Olga Skorobogatova, the first deputy governor at the central bank has said that the blockchain has recently started to support digital mortgages which forms a foundation for the upcoming platform.
A proposal for the digital mortgage platform has already been submitted by the financial institution to the government. According to the report, Masterchain is the first blockchain platform in Russia to be certified by the federal service, and reports came out long before this one saying that it is permissioned & ETH based blockchain that was launched in 2017 by the financial technology association. This is a body connected with the bank of Russia.
Now, it’s worth highlighting that this wouldn’t be the first time the blockchain was utilised for digital mortgages. Taking you way back to September 2018, a Russian subsidiary of Raiffeisen Bank International was found to publish mortgage documents containing data on the parties in the transaction.
Overall, Russia has been quite hostile when it comes to crypto and blockchain. A law was passed earlier this month that suggested that a person could face seven years in prison for the illegal turnover of digital assets or a fine of almost $30,000.