Russia Considers Eurasian Blockchain Payment System

Bank of Russia reviewing options for cross-border transaction settlement based on distributed ledger technologies (DLT).

by Coins.Online
03 April • 1 min
In News

Russia’s central bank has been studying the possibilities to implement Blockchain-based technology to facilitate national and cross-border financial transactions within the Eurasian Economic Union (EAEU), Russian news agency Tass reported on Tuesday.

Authorities in the country are reviewing several options, one of which is an Ethereum-based solution, called Masterchain, developed by Russia’s FinTech Association together with the regulator and domestic banks, Bank of Russia’s First Deputy Chairman Olga Skorobogatova said as quoted by Tass.

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“We are currently discussing the possibility of creating new technologies for transmitting messages and payments across the EAEU as a supranational infrastructure. It would enable us to use blockchain’s distributed ledger technologies within the EAEU’s space, settle payments and transmit financial information sidestepping current payment systems," Skorobogatova was quoted as saying.

Russia’s President Vladimir Putin has already expressed his support for the Blockchain technology and its development and implementation in the country. Putin has ordered the parliament to vote on cryptocurrency legislation, including strict rules on Initial Coin Offerings (ICOs), by July 1.

The central bank has also noted that it would focus on legal regulation for using crypto technologies and their implementation across the EAEU.

Putin himself has brought up the idea for the creation of CryptoRuble, which is now expected to be launched in mid-2019.